A Bit of Acknowledgement

On October 10th, CoinDesk summarized the comments made at the Commodity Futures Trading Commission’s (“CFTC”) Global Markets Advisory Committee Meeting concerning bitcoin. The meeting coincided with the launch of the first bitcoin derivative. Bitcoin Launch. See also CFTC Advisory Committee Meeting Webpage (with links to archived webcast and prepared statements).

Swap Data Reporting Relief Provided to Singapore Exchange

On October 8th, the CFTC’s Division of Market Oversight and Division of Clearing and Risk announced they have issued a time-limited no-action letter stating that the Divisions will not recommend that the Commission take enforcement action against the Singapore based derivatives clearing organization Singapore Exchange Derivatives Clearing Limited (“SGX-DC”) for failure to comply with the applicable swap data reporting requirements of Commission Regulations 45.3 and 45.4. The relief expires on the earlier of such time as SGX-DC is able to comply with the applicable swap data reporting requirements of Regulations 45.3 and 45.4; or April 30, 2015. The relief is also conditioned upon SGX-DC reporting “backloaded” data for swaps cleared during the pendency of the period of relief to a registered swap data repository by no later than May 30, 2015. CFTC Press Release.

DCO Relief from Written Acknowledgement Requirements

On October 8th, the CFTC’s Division of Clearing and Risk granted ICE Clear Europe’s and LCH.Clearnet’s separately requested relief from the requirement to obtain or provide the CFTC with an executed version of the template acknowledgment letter required by Regulation 1.20(g)(4) for customer accounts maintained at the Bank of England (“BoE”). Instead, ICE and LCH.Clearnet will be permitted to submit the BoE’s Acknowledgement Letter. The Division also granted exemptions to ICE and LCH.Clearnet from the requirements of Regulation 1.49(d)(3) to permit them to hold customer funds at the BoE.