November 13, 2014

CFTC Staff Extends Conditional Time-Limited No-Action Relief to Australian-Based Trading Platform Yieldbroker Pty Limited

Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of a no-action letter extending the conditional time-limited relief provided in CFTC No-Action Letter No. 13-76 for Australian-based trading platform Yieldbroker Pty Limited (Yieldbroker).

DMO will not recommend that the Commission take enforcement action against Yieldbroker for failure to register as a swap execution facility (SEF) under section 5h(a)(1) of the Commodity Exchange Act (Act) or Commission Regulation 37.3(a)(1), or against any market participants for use of, or other relationships with, Yieldbroker, for the period expiring February 15, 2015. Such no-action relief shall remain contingent on Yieldbroker’s satisfaction of six conditions specified in CFTC No-Action Letter No. 13-76 throughout the time-limited relief period. In addition to the listing of Australian dollar-denominated swaps already permitted under Letter 13-76, Yieldbroker may offer trading in New Zealand Dollar-denominated interest rate swaps during the relief period. DMO continues to believe that predicating Yieldbroker’s relief upon satisfaction of these conditions will help foster pre- and post-trade transparency on, and impartial access to, Yieldbroker’s trading platform during the relief period.

Yieldbroker is licensed as an exchange under an Australian Market License (AML) and is regulated by the Australian Securities and Investment Commission (ASIC). Yieldbroker operates a multilateral trading platform in Australia which brings together multiple third-party buying and selling interests in swaps. Yieldbroker currently permits direct access to U.S. persons to transact in swaps on its platform.

Last Updated: November 13, 2014