August 19, 2014

CFTC Staff Issues No-Action Letter for Clearing Corporation of India Ltd.

Washington, DC — The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) recently issued a time-limited no-action letter stating that DCR will not recommend that the Commission take enforcement action against Clearing Corporation of India Ltd. (CCIL) for failing to register as a derivatives clearing organization (DCO) pursuant to Section 5b(a) of the Commodity Exchange Act (CEA).

The no-action relief is limited to CCIL’s clearing of Indian Rupee-denominated interest rate swaps and Indian Rupee-denominated forward rate agreements for the proprietary trades of U.S. clearing members. The no-action relief is effective until the earlier of December 31, 2014, or the date upon which the Commission either registers CCIL as a DCO under Section 5b(a) of the CEA or exempts CCIL from registration under Section 5b(h) of the CEA. This no-action letter is consistent with earlier no-action letters granting relief with respect to the clearing of proprietary trades of U.S. clearing members.

Last Updated: August 19, 2014