The CFTC and the Monetary Authority of Singapore
("MAS") mutually recognized certain derivatives trading
venues in the United States and Singapore.
At an International Futures Industry Conference, the two parties
also announced several related actions. In an Order of Exemption,
the CFTC granted relief to five derivatives trading
facilities regulated by MAS from the requirement to register with
the CFTC as swap execution facilities ("SEFs"). MAS issued regulations exempting certain
CFTC-regulated SEFs from the requirement to be MAS-authorized
approved exchanges or recognized market operators prior to
"establishing or operating" an organized market.
CFTC Chair J. Christopher Giancarlo said that the accord will "help avoid
market fragmentation, protectionism, and regulatory
arbitrage." CFTC Commissioners Dan Berkovitz and Rostin Behnam
concurred with the determination, stating that
combining Singapore's goals for regulation of the listed
Approved Exchanges and
