Release Number 8616-22

CFTC Exempts Additional Singapore Recognized Market Operators from SEF Registration Requirements

October 26, 2022

— The Commodity Futures Trading Commission today announced it has unanimously approved an amended order that exempts three Recognized Market Operators (RMOs) authorized within Singapore from CFTC swap execution facility (SEF) registration requirements. The exempted RMOs are Bloomberg Tradebook Singapore Pte Ltd, SGX FX Markets Pte. Ltd., and Synoption Pte. Ltd.

Section 5h(g) of the Commodity Exchange Act (CEA) provides the CFTC may grant 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 16.