On September 18, 2015, the CFTC's Division of Market Oversight and Division of Clearing and Risk jointly published an interpretive letter stating that the use by a DCO of a "firm or forced trades" process to determine the price of certain swaps for which public market prices are not available, does not, by itself, trigger the requirement for the DCO to register as a swap execution facility.

In addition, the CFTC interpretive letter states that the DCO should be the reporting counterparty for swaps created by the firm or forced trades process for purposes of Part 45 of the CFTC's regulations.

The CFTC Staff Letter is available at: http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/15-51.pdf.