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ARTICLE · 19 OCTOBER 2020

CFTC Provides Reporting Relief Relating To CCP Discounting Shift

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The CFTC Division of Market Oversight ("DMO") provided no-action relief from certain reporting requirements related to the shift in the discounting rate for cleared interest rate swaps.

United StatesFinance and Banking
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The CFTC Division of Market Oversight ("DMO") provided no-action relief from certain reporting requirements related to the shift in the discounting rate for cleared interest rate swaps.

The DMO provided relief to Chicago Mercantile Exchange, Inc. (Letter 20-33) and LCH Limited (Letter 20-32) from certain real-time reporting requirements under CFTC Rule 43.3 ("Method and timing for real-time public reporting") in connection with swaps executed as part of upcoming auctions held to facilitate the transition in the discounting rate used by the clearinghouses from the Effective Federal Funds Rate to the Secured Overnight Financing Rate (or "SOFR").

The relief, which extends to participants in the relevant auctions, permits transaction and pricing data for swaps entered into as part of the auction process to be reported no later than November 19, 2020.

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