CFTC Issues Order of Exemption from Registration as a Derivatives Clearing Organization to ASX Clear (Futures) Pty Limited
First Order of its Kind Issued by the Commission
The U.S. Commodity Futures Trading Commission (Commission) issued an order of exemption from registration as a derivatives clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX). The order is the first issued by the Commission based on its authority under Section 5b(h) of the Commodity Exchange Act.
This provision permits the Commission to exempt a clearing organization from DCO registration for the clearing of swaps to the extent that the Commission determines that such clearing organization is subject to comparable, comprehensive supervision by appropriate government authorities in the clearing organization’s home country.
Subject to the terms and conditions of the order, ASX is permitted to clear proprietary swap positions for its U.S. clearing members.
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