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ARTICLE · 18 SEPTEMBER 2020

CFTC Staff Grants Relief To "Dormant" SEF

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The CFTC Division of Market Oversight ("DMO") granted no-action relief to a swap execution facility ("SEF") from the requirement to reinstate its registration following a "dormant" period.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC Division of Market Oversight ("DMO") granted no-action relief to a swap execution facility ("SEF") from the requirement to reinstate its registration following a "dormant" period.

The DMO indicated that the relief was granted to Tassat Derivatives LLC ("Tassat") as a result of delays the firm encountered in the launch of a Bitcoin contract, which resulted in its SEF registration being deemed dormant under CFTC Rule 40.01(f) (i.e., because there was no trading on the platform for a period of 12 consecutive months).

In response to Tassat's request, the DMO stated that it will not recommend enforcement action against Tassat for failing to reinstate its SEF registration under CFTC Rule 37.3(d), provided that Tassat:

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