On October 8, the Commodity Futures Trading Commission’s Divisions of Market Oversight and Clearing and Risk (Divisions) issued No-Action Letter No. 14-122 providing relief to Singapore Exchange Derivatives Clearing Limited (SGX-DC), a registered derivatives clearing organization, from complying with certain swap data reporting requirements under CFTC Regulations 45.3 (creation data) and 45.4 (continuation data). The Divisions stated that the relief is intended to provide SGX-DC with time to develop automated reporting systems while promoting competition and enhancing choice in clearing services for US customers. The relief to SGX-DC will expire on April 30, 2015, and is conditioned on SGX-DC backloading and reporting all Part 45 data for swaps cleared during the relief period to a CFTC-registered swap data repository by May 30, 2015.
CFTC Letter No. 14-122 is available here.