Relief from Depository Acknowledgement Letter Requirement

On July 10th, the Commodity Futures Trading Commission’s (“CFTC”) Division of Clearing and Risk granted LCH.Clearnet’s and ICE Clear Europe’s respective requests for exemptive relief from the requirement to provide an executed depository acknowledgement letter with the Bank of England.

Relief from Depository Acknowledgement Letter Requirement

On July 8th, the CFTC’s Division of Clearing and Risk and Division of Swap Dealer and Intermediary Oversight granted the CME Clearing’s request for exemptive relief from the requirement to provide executed depository acknowledgement letters in order to resolve a potential conflict between the terms of the acknowledgment letter and CME Clearing’s control over and first priority, perfected security interest in certain customer funds. CFTC Letter No. 14-92.