March 22, 2012

CFTC’s Division of Market Oversight Issues Letter to Market Participants Regarding Compliance with Large Trader Reporting System for Physical Commodity Swaps and Swaptions

Division to Provide Temporary and Conditional No-Action Relief for Less than Fully Compliant Reporting

Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight today issued a letter to market participants providing temporary and conditional no-action relief for less than fully compliant reporting under the CFTC’s large trader reporting system for physical commodity swaps and swaptions. Clearing organizations and clearing members began reporting under the system on November 21, 2011. This temporary relief is intended to provide sufficient time for the industry and the CFTC to transition to fully compliant reporting by July 2, 2012.

This no-action is only available to market participants making a good faith effort to comply with the new rules. In addition, parties relying on the no-action relief must submit month-end open interest reports to the Commission that cover the period from March 1, 2012, to June 30, 2012. Parties that wish to rely on the no-action relief must also submit an e-mail to the Division, at and no later than March 30, 2012, that includes information on arrangements being made to come into full compliance with the rules, as well as the expected date of such compliance.

Last Updated: March 22, 2012