The Securities and Exchange Commission recently issued two separate conditional exemptions that are designed to permit ICE Clear Europe Limited and Eurex AG to operate clearinghouses for credit default swaps without registering as clearing agencies under the Exchange Act. The orders largely mirror the temporary and conditional exemptive orders issued by the SEC with respect to the Chicago Mercantile Exchange, ICE US Trust LLC and LIFFE A&M and LCH.Clearnet for the same purposes. (See the January 16 Katten Client Advisory.) The conditional exemptions for ICE Clear Europe Limited and Eurex AG expire on April 23, 2010.  

The SEC’s exemptive orders are available here and here.