CFTC Extends Conditional No-Action Relief for Australia-Based Trading Platform

The CFTC Division of Market Oversight ("DMO") extended conditional relief to an Australia-based trading platform acting in compliance with the terms of previously issued CFTC No-Action Letter 13-76. The relief, which has been extended until May 15, 2016, frees the trading platform temporarily from the requirement to register as a swap execution facility or designated contract market under CEA Section 5h(a)(1) ("Swap Execution Facilities") and CFTC Rule 37.3(a)(1) ("Requirements and Procedures for Registration").

The DMO explained that "predicating the trading platform's relief upon satisfaction of [six] conditions [set out in No-Action Letter No. 13-76] will help foster pre- and post-trade transparency on, and impartial access to, . . . [the] trading platform during the relief period."



In addition to extending the relief, the DMO permitted the trading platform to offer trading in New Zealand dollar-denominated interest rate swaps during the relief period; in No-Action Letter 13-76, the exchanges were permitted only to trade Australian dollar-denominated interest rate swaps.