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ARTICLE · 23 SEPTEMBER 2014

CFTC Issues No-Action Relief For Qualifying Swaps Trading Platforms Licensed In Australia

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On September 15, 2014, the US Commodity Futures Trading Commission’s Divisions of Swap Dealer and Intermediary Oversight and Market Oversight issued an enabling no-action letter for qualifying swaps trading platforms that are licensed in Australia.

United StatesFinance and Banking
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On September 15, 2014, the US Commodity Futures Trading Commission's ("CFTC") Divisions of Swap Dealer and Intermediary Oversight ("DSIO") and Market Oversight ("DMO") issued an enabling no-action letter for qualifying swaps trading platforms that are licensed in Australia and overseen by the Australian Securities & Investments Commission ("Australian Licensed Markets"). The enabling no-action letter provides relief for (i) qualifying swaps trading platforms from the swap execution facility registration requirement under section 5h(a)(1) of the Commodity Exchange Act ("CEA"); (ii) parties executing swap transactions on qualifying Australian Licensed Markets from the trade execution requirements under CEA section 2(h)(8); and (iii) swap dealers and major swap participants executing swap transactions on qualifying Australian Licensed Markets from certain requirements under the CFTC's business conduct rules.

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