Release Number 8301-20

CFTC Exempts Additional Singapore Recognized Market Operators from SEF Registration Requirements

November 02, 2020

— The Commodity Futures Trading Commission today announced that it unanimously approved an amended order that exempts eight Recognized Market Operators (RMOs) authorized within Singapore from CFTC swap execution facility (SEF) registration requirements. The exempted RMOs are BGC Partners (Singapore) Ltd., Euronext Markets Singapore Pte Ltd., GFI Group Pte Ltd., ICAP (Singapore) Pte Ltd., Nittan Capital Singapore Pte Ltd., Refinitiv Transaction Services Pte Ltd., TFS Currencies Pte Ltd., and Tullett Prebon (Singapore) Limited.

Section 5h(g) of the Commodity Exchange Act (CEA) provides that the CFTC may grant such an exemption if it finds that a foreign SEF is subject to comparable, comprehensive supervision and regulation by the appropriate governmental authorities in the facility’s home country. The CFTC may likewise revoke exempt status when a facility is no longer authorized and/or in good standing in its home country.

On March 13, 2019, the CFTC issued an order determining that the Monetary Authority of Singapore (MAS) regulatory framework for Approved Exchanges (AEs) and RMOs satisfies the standard in CEA section 5h(g) to exempt a SEF from registration with the CFTC. [See CFTC Press Release No. 7887-19] Under the order, MAS is empowered, on an ongoing basis, to request such exemption for facilities meeting certain legal requirements within Singapore. MAS also agreed to notify the CFTC when an AE or RMO no longer satisfies those requirements, and to request the non-compliant facility be removed from exempt status.

This amendment brings the total number of exempted AEs and RMOs to 13.