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ARTICLE · 20 MAY 2016

CFTC Extends Relief To Australian Exchange From SEF Registration Requirement

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The CFTC Division of Market Oversight ("DMO") extended conditional time-limited no-action relief until September 15, 2016 to an Australian exchange operating a multilateral trading platform...

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC Division of Market Oversight ("DMO") extended conditional time-limited no-action relief until September 15, 2016 to an Australian exchange operating a multilateral trading platform for interest rate swaps from the Swap Execution Facility ("SEF") registration requirement outlined in CEA Section 5h(a)(1) and CFTC Rule 37.3(a)(1). The Australian exchange, which provides direct access to U.S. persons, has been operating pursuant to relief provided in a series of no-action letters that were set to expire on May 15, 2016.

The CFTC DMO emphasized that the extension of relief will allow additional time for (i) the exchange to comply with the terms and conditions in CFTC Letter 15-29, which enables no-action relief for qualifying swaps trading platforms that are licensed in Australia and regulated by the Australian Securities and Investments Commission ("ASIC"), and (ii) the DMO to review its application for more permanent relief under Letter 15-29. The no-action

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