Release Number 7641-17

November 7, 2017

CFTC’s Division of Clearing and Risk Provides No-Action Relief for Three International Financial Institutions from the Swap Clearing Requirement

Washington, DC — The Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today provided no-action relief for three international financial institutions from the swap clearing requirement.

In letters issued today, DCR stated it would not recommend that the Commission take enforcement action against Banco Centroamericano de Integración Económica (CABEI), European Stability Mechanism (ESM), and North American Development Bank (NADB) for failure to comply with the swap clearing requirement under Section 2(h)(1) of the Commodity Exchange Act (Clearing Requirement), as implemented by Commission Regulations 50.2 and 50.4. Granting this no-action relief to CABEI, ESM, and NADB is consistent with the end-user exception to the Clearing Requirement, in which the Commission determined that certain international financial institutions should not be subject to the Clearing Requirement.

Last Updated: November 7, 2017