The CFTC continues to push through the remaining few SEFs ahead of the 2nd October deadline, the number of SEFs gaining temporary SEF Status has now risen to 17. With the only major application still pending, being that of the CME.
Whilst SEF registration deadline remains at 2nd October, the CFTC has agreed to delay the implementation of certain enforcement rules for participants until 1 November, following requests from a number of SEFs.
The letter states that the Division of Market Oversight (DMO):
“emphasizes that while this letter relieves SEFs from certain enforcement responsibilities with respect to participants in their markets, this letter does not relieve SEFs from their current regulatory responsibility to establish and maintain the rules, systems and procedures necessary to carry out those enforcement responsibilities full letter here
Here is the list of SEFs that have gained temporary registration:
No |
SEF |
Applied |
Granted |
Status |
1 |
04-Sep-13 |
19-Sep-13 |
Temp |
|
2 |
04-Jun-13 |
30-Jul-13 |
Temp |
|
3 |
03-Jul-13 |
06-Sep-13 |
Temp |
|
4 |
22-Jul-13 |
13-Sep-13 |
Temp |
|
5 |
05-Aug-13 |
20-Sep-13 |
Temp |
|
6 |
02-Aug-13 |
19-Sep-13 |
Temp |
|
7 |
15-Jul-13 |
16-Sep-13 |
Temp |
|
8 |
30-Jul-13 |
13-Sep-13 |
Temp |
|
9 |
03-Jul-13 |
06-Sep-13 |
Temp |
|
10 |
15-Jul-13 |
20-Sep-13 |
Temp |
|
11 |
30-Jul-13 |
19-Sep-13 |
Temp |
|
12 |
28-Aug-13 |
23-Sep-13 |
Temp |
|
13 |
31-Jul-13 |
24-Sep-13 |
Temp |
|
14 |
03-Sep-13 |
27-Sep-13 |
Temp |
|
15 |
09-Sep-13 |
27-Sep-13 |
Temp |
|
16 |
09-Sep-13 |
25-Sep-13 |
Temp |
|
17 |
23-Aug-13 |
25-Sep-13 |
Temp |
|
18 |
17-Sep-13 |
|
Pending |
|
19 |
Latam SEF LLC |
25-Sep-13 |
|
Pending |
20 |
27-Sep-13 |
|
Pending |
Interestingly, the CFTC today issued a time limited (1 month) no action relief letter for Australian based Yieldbroker for ‘failing to register as a SEF’.
Yieldbroker is licensed as an exchange under an Australian Market License (AML) and is regulated by the Australian Securities and Investment Commission (ASIC). Yieldbroker operates a multilateral trading platform in Australia which brings together multiple third-party buying and selling interests in swaps. Yieldbroker currently permits direct access to U.S. persons to transact in swaps on its platform.
On September 27, 2013, Yieldbroker provided DMO with a confidential draft SEF application, which DMO is in the process of reviewing. Yieldbroker, DMO and ASIC staff are engaged in discussions regarding an arrangement whereby Yieldbroker would register with the Commission as a SEF while maintaining its AML. Such an arrangement would include Yieldbroker’s provision of an order book, a sufficient level of pre- and post-trade price transparency, non-discriminatory access by market participants, and an appropriate level of self-regulatory oversight. In addition, Commission staff and ASIC staff are developing an arrangement that provides for information sharing and other cooperation with respect to Yieldbroker.
The CFTC site has a section showing status of SEF filing applications.
Filed under: CCP, CFTC, OTC, Paul Blank, Regulation, SEF, SWAPS |
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