Release Number 6895-14
March 27, 2014
CFTC Staff Issues an Extension of Time-Limited No-Action Relief to LCH
Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) today issued an extension of time-limited no-action relief to LCH.Clearnet Limited (LCH), a derivatives clearing organization (DCO) registered under Section 5b of the Commodity Exchange Act.
In extending the initial relief (in CFTC Letter 13-52), DCR states that it will not recommend that the CFTC take enforcement action against (1) LCH for clearing certain swaps executed on, or subject to the rules of, designated contract markets (DCMs) or swap execution facilities (SEFs) (collectively, DCM/SEF Swaps), or (2) clearing members of LCH for clearing DCM/SEF Swaps through LCH.
The extension of no-action relief will expire at the earlier of: (i) June 30, 2014, or (ii) the date upon which the Commission approves or denies LCH’s application for an amended DCO registration order to permit it to clear DCM/SEF Swaps.
Last Updated: March 27, 2014