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On December 15, 2016, the Commodity Futures Trading Commission (CFTC) issued a no-action relief letter for swaps executed between certain US swap market participants and their affiliated...
On December 15 2016 the Commodity Futures Trading Commission
(CFTC) issued
a no-action relief letter for swaps executed between certain US
swap market participants and their affiliated counterparties
located in Australia or Mexico. The letter permits US swap market
participants to rely on a provision of the inter-affiliate
exemption from required clearing that has previously been available
to counterparties located in the European Union, Japan and
Singapore. According to the CFTC, the letter was issued in light of
the December 13 2016 compliance date for the CFTC's recent
expansion of its clearing requirement to include fixed-floating
interest rate swaps denominated in Australian dollars and Mexican
pesos, as well as basis swaps denominated in Australian
dollars.
Originally published in International Law Office
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