The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today announced time-limited no-action relief to entities submitting swaps for clearing by derivatives clearing organizations (DCOs) operating under CFTC exemptive orders or no-action relief that CFTC staff provided (Relief DCOs). Today’s action relieves entities submitting such swaps for clearing (Relief DCO Counterparties) of obligations to terminate the original “alpha” swap and to report any swaps between the Relief DCO Counterparties and the Relief DCO. Relief DCOs are required to report such resulting swap data by the terms of their exemptive or no-action relief. This action also provides relief for counterparties to report certain primary economic terms (PET) data fields for swaps intended to be cleared by a Relief DCO (Relief ITBC Swaps) as a cleared swap.
More information via press release: http://www.cftc.gov/PressRoom/PressReleases/pr7501-16
