CFTC Staff Extends Time-Limited No-Action Relief to Eurex Clearing and Its U.S. Clearing Members (CFTC Letter 14-156)

The CFTC extended the no-action relief granted in CFTC Letter 14-27 to Eurex Clearing AG ("Eurex") and clearing members of Eurex that are U.S. persons.

The letter provides relief to Eurex, an applicant for registration as a derivatives clearing organization ("DCO"), for failing to register as a DCO pursuant to CEA Section 5b(a) while the CFTC continues to review Eurex's application. The Letter also grants relief to clearing members of Eurex that are U.S. persons for failing to clear certain interest rate swaps ("IRS") subject to mandatory clearing through a registered or exempt DCO.

The extension will expire at the earlier of the date on which Eurex becomes registered as a DCO with respect to its IRS clearing business, or on September 30, 2015.

See: CFTC Letter 14-156.
Related news: CFTC Extends Time-Limited No-Action Relief to Eurex Clearing (CFTC Letter 14-27) (March 10, 2014); CFTC Staff Issues Four No-Action Letters on Cross-Border Swaps Issues (Letters 13-43, 13-44, 13-45, and 13-46) (with Lofchie Comment) (July 11, 2013).