CFTC Staff Issues No-Action Letter for Singapore Exchange Derivatives Clearing Limited (CFTC Letter 14-122)

The CFTC Division of Market Oversight and Division of Clearing and Risk issued a time-limited no-action letter providing relief to Singapore Exchange Derivatives Clearing Limited ("SGX-DC"), a derivatives clearing organization, excusing it from compliance with the swap data reporting requirements of CFTC Rule 45.3 ("Swap Data Reporting: Creation Data") and Rule 45.4 ("Unique Swap Identifiers").

The relief provided in the letter will expire on the earlier of (i) such time as SGX-DC is able to comply with the applicable swap data reporting requirements of CFTC Regulations 45.3 and 45.4; or (ii) April 30, 2015. The letter requires that SGX-DC backload and report to a swap data repository all Part 45 data for swaps cleared during the pendency of the period of relief provided in the letter by May 30, 2015.

See: CFTC Letter 14-122.