No-Action Relief

Conditional time-limited no-action relief is extended to Australian-based trading platform Yieldbroker Pty Limited. The US Commodity Futures Trading Commission (CFTC)’s Division of Market Oversight (DMO) issued a no-action letter (Letter 15-56) extending conditional time-limited relief for Australian-based trading platform Yieldbroker Pty Limited. Letter 15-56 will give Yieldbroker additional time within which to comply with the terms of CFTC No-Action Letter No. 15-29 (Letter 15-29), an enabling no-action letter for qualifying swaps trading platforms that are licensed in Australia and overseen by the Australian Securities & Investments Commission (ASIC). (10/15/2015) CFTC press release.

CFTC further extends time-limited no-action relief for certain swaps. The DMOannounced that it was further extending the time-limited no-action relief for swaps executed as part of a package transaction in the categories that now receive relief under CFTC Letter 14-137. This extension allow the Division to continue to further assess the suitable response for applying the trade execution requirement to swaps in certain types of package transactions. (10/14/2015)

Other Developments

Market Risk Advisory Committee is meeting on November 2, 2015. The CFTC’s Market Risk Advisory Committee (MRAC) will be holding a public meeting on November 2, 2015 at CFTC’s headquarters in Washington, DC. The MRAC will be presented with and discuss the CCP Risk Management Subcommittee’s recommendations to the MRAC as to how the CCP default plans that were presented at the April 2, 2015 MRAC meeting can better reflect market conditions in the case of the default of a significant clearing member. The meeting will be open to the public, with seating on a first-come, first-served basis. (10/15/2015)Market Risk Advisory Committee meeting.