No-Action Relief for Japan Securities Clearing Corporation with Regard to Section 5b(a) of the Commodity Exchange Act and Section 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.

DCR, DSIO and DMO issued a no-action letter that modifies the temporary, no-action relief previously issued by DCIO and DMO from certain self-effectuating provisions of the Dodd-Frank Act and the CEA that took effect on July 16, 2011, but that require further definition and may not be eligible for the exemptive relief provided by an order issued by the Commission on July 14, 2011 pursuant to section 4(c) of the CEA (July 14 Order).

The North American Derivatives Exchange (Nadex) has requested guidance regarding its Amended Order of Registration as a Derivatives Clearing Organization (the Nadex DCO Order) and Nadex’s Amended Order as a Designated Contract Market (the Nadex DCM Order, and, together with the Nadex DCO Order, the Nadex Orders), both dated March 30, 2010. Among other things, the Nadex Orders allow intermediation of contracts traded on Nadex’s designated contract market provided that such contracts are fully collateralized.

DCIO and DMO issued a no-action letter that provides temporary, no-action relief from certain self-effectuating provisions of the Dodd-Frank Act and the CEA that otherwise would take effect on July 16, 2011, but that require further definition and may not be eligible for the exemptive relief provided by the order issued by the Commission on July 14, 2011 pursuant to section 4(c) of the CEA.