December 18, 2012

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief Regarding the Treatment of Swap Transactions on Natural Gas Exchange for Purposes of Making Calculations Under the Swap Dealer Definition

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides relief for swaps transacted on Natural Gas Exchange (NGX), with respect to the treatment of such swaps in the calculation of a person’s aggregate gross notional amount of swap dealing activity.

The relief provided in the no-action letter is applicable to all swaps executed on NGX prior to the earlier of March 31, 2013, or the granting or denial of NGX’s application for registration as a foreign board of trade. The letter states that the Division will not recommend that the Commission take an enforcement action against any person for failure to include a swap executed on NGX, during that time period, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4).

Last Updated: December 18, 2012