On December 11th, the CFTC's Division of Market Oversight issued a time-limited no-action letter extending the temporary relief previously issued on July 14, 2011. See CFTC Letter No. 11-04. The relief preserves the regulatory status quo by permitting transactions and relevant persons to continue to operate in compliance with various Commodity Exchange Act exemptive and excluding provisions in place prior to July 16, 2011, subject to, among other conditions, various anti-fraud and anti-manipulation prohibitions. The no-action letter's relief, which applies to, among others, formerly exempt trading platforms that intend to file DCM or SEF applications, will expire on the earlier of June 30, 2013, or the effective date of the SEF final rules. In addition, the no-action letter would allow certain relief for CEA Sections 2(d), 2(e), 2(g), 2(h), or 5d-compliant platforms that have a DCM or SEF application pending before the Commission. CFTC Press Release.