CFTC Extends Relief for Eurex Clearing and US Clearing Members

The Division of Clearing and Risk of the Commodity Futures Trading Commission has further extended temporary no-action relief to Eurex Clearing AG and its clearing members that are US persons, which authorizes US clearing members to clear for their proprietary accounts certain interest rate swaps that are specified in an attachment to the no-action letter. The relief further provides that if a US clearing member submits for clearing a swap that has been reported to a CFTC-registered swap data repository (SDR), then Eurex Clearing must report the resulting beta and gamma swaps to an SDR.

Eurex Clearing filed an application for registration as a derivatives clearing organization (DCO) in 2011, and this no-action relief is intended to maintain the status quo with respect to Eurex Clearing’s interest rate swaps clearing business pending its registration. The relief will expire at the earlier of January 31, 2016, or the date in which Eurex Clearing becomes registered as a DCO.

CFTC Letter No. 15-54 is available here.