On August 15th, the CFTC's Division of Market Oversight announced it has issued a no-action letter providing that, for a limited time, market participants can rely on the trade option exemption in CFTC Regulation 32.3 without complying with specified provisions thereof. The no-action letter is effective until the earlier of December 31, 2012, or the effective date of any final action taken by the CFTC in response to comments on the Trade Option Exemption Interim Final Rules. CFTC Press Release.