October 8, 2014
CFTC Staff Issues No-Action Letter for Singapore Exchange Derivatives Clearing Limited
Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight and Division of Clearing and Risk (Divisions) announced today that they have issued a time-limited no-action letter stating that the Divisions will not recommend that the Commission take enforcement action against the Singapore based derivatives clearing organization Singapore Exchange Derivatives Clearing Limited (SGX-DC) for failure to comply with the applicable swap data reporting requirements of Commission Regulations 45.3 and 45.4.
The relief is time-limited and expires on the earlier of such time as SGX-DC is able to comply with the applicable swap data reporting requirements of Commission Regulations 45.3 and 45.4; or April 30, 2015. The relief is also conditioned upon SGX-DC reporting “backloaded” data for swaps cleared during the pendency of the period of relief to a registered swap data repository by no later than May 30, 2015.
Last Updated: October 8, 2014