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July 09, 2020

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CFTC Extends Relief to Four Foreign Clearing Organizations

On December 18, the Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission extended the no-action relief previously granted to four foreign clearing organizations: ASX Clear (Futures) Pty Limited, Clearing Corporation of India Ltd., Korea Exchange, Inc. and OTC Clearing Hong Kong Limited.

Pursuant to the relief, the four clearing organizations will be permitted to continue to clear certain proprietary trades of US clearing members, subject to reporting conditions, without being required to be registered as derivatives clearing organizations under Section 5b(a) of the Commodity Exchange Act. 

This relief is set to expire on December 31, 2015. 

CFTC Letter No. 14-148 is available here. CFTC Letter No. 14-149 is available here. CFTC Letter No. 14-150 is available here. CFTC Letter No. 14-151 is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume IV, Number 353

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
Associate

Timothy Kertland concentrates his practice on transactional, corporate and regulatory aspects of financial services matters. Timothy is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, and commodity trading advisers.

While in law school, Timothy served as an editor of the Virginia Tax Review. As a first-year law student, he represented the University of Virginia School of Law at the National Transactional LawMeets Competition.

312-902-5343