The Commodity Futures Trading Commission approved derivatives clearing organizations to invest customer Euro-denominated cash in French and German sovereign debt subject to various conditions. This authority includes the ability of DCOs to purchase and hold such debt outright, or to gain exposure to such debt through repurchase agreements. Among the conditions are that investment in French and German sovereign debt is limited to investments made with Euro-denominated customer cash; the two-year credit default spread of the relevant sovereign issuing the foreign sovereign debt is greater than 45 basis points; the dollar-weighted average of the time to maturity of the DCO’s portfolio of investments in each sovereign’s sovereign debt does not exceed 60 days; and a DCO’s direct investment in any sovereign debt does not have a remaining maturity of greater than 180 calendar days. No equivalent relief was granted to futures commission merchants to invest in the same French and German sovereign debt.