Global Markets Advisory Committee meeting. The Global Markets Advisory Committee met on October 9, 2014, to discuss clearing Non-Deliverable Forwards and the digital currency bitcoin. The agency has made an archived webcast available as well as the text of prepared statements. (10/9/2014) Meeting webpage.
Swap Data reporting relief. The Division of Market Oversight and Division of Clearing and Risk granted time-limited no-action relief to Singapore Exchange Derivatives Clearing Limited from the swap data reporting requirements of Commission Regulations 45.3 and 45.4. (10/8/2014) CFTC press release.
Relief from written acknowledgement requirements. ICE Clear Europe’s and LCH.Clearnet’s separately requested relief from the requirement to obtain the Regulation 1.20(g)(4) template acknowledgment letter for customer accounts maintained at the Bank of England has been granted. The Division of Clearing and Risk will permit ICE and LCH.Clearnet to submit the Bank of England’s Acknowledgement Letter in lieu of the template letter. ICE and LCH.Clearnet will also be allowed to hold customer funds at the Bank of England. (10/8/2014) CFTC Letter No. 14-123; CFTC Letter No. 14-124.
Trade execution relief for package transactions. The Division of Market Oversight and Division of Clearing and Risk granted swap execution facilities (SEF) and designated contract markets (DCO) time-limited no-action relief permitting SEFs and DCOs to continue to use a “new trade, old terms” procedure that had previously been extended as part of the implementation of the trade execution requirement for certain interest rate and credit default swaps. The relief expires on February 16, 2015. (9/30/2014)CFTC Press Release.