December 21, 2012
CFTC’s Division of Clearing and Risk Issues No-Action Letter for Singapore Exchange Derivatives Clearing Limited and its Clearing Members
Washington, DC – The Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today issued a letter stating that DCR will not recommend that the Commission take enforcement action against Singapore Exchange Derivatives Clearing Limited (SGX-DC) for failing to register as a derivatives clearing organization (DCO) under section 5b(a) of the Commodity Exchange Act (CEA); and will not recommend enforcement action against SGX-DC’s clearing members for failing to register as futures commission merchants (FCMs) under section 4d(f)(1) of the CEA, in relation to the clearing and carrying of existing or new positions in certain commodity swaps for U.S. customers.
This relief will be effective until the earlier of (1) December 31, 2013, or (2) the date upon which SGX-DC registers as a DCO, such date by which the positions of U.S. customers must be held only by clearing members that are registered FCMs.
Last Updated: December 21, 2012