Page 21 - 期货和衍生品行业监管动态（2023年4月）

期货和衍生品行业监管动态

CFTC Staff Issues No-Action Letter Regarding the Migration of Credit Default

Swaps from ICE Clear Europe Ltd. (2023/3/30)

The Commodity Futures Trading Commission’s Division of Market Oversight

(DMO) today published a no-action letter regarding the requirements in section 2(h)(8)

of the Commodity Exchange Act (CEA) and CFTC regulation 37.9, for credit default

swaps (CDS) that are executed for the sole purpose of migrating open CDS positions
from ICE Clear Europe Ltd. (ICEU) to a new central clearing counterparty (CCP) ahead

of ICEU’s planned discontinuation of CDS clearing services in October 2023.

The end of ICEU’s CDS clearing services means market participants will need to

migrate their open CDS positions from ICEU to other CCPs. Certain transactions that

must be executed to migrate open CDS positions from ICEU to a different CCP are

subject to the trade execution requirement under CEA section 2(h)(8) and the required

methods of execution in CFTC Regulation 37.9.

As explained in the no-action letter, in order to facilitate an orderly migration of

open CDS positions from ICEU to other CCPs in a non-price forming, market risk

neutral manner, DMO believes that a no-action position is warranted. Accordingly, the

letter takes the position that DMO will not recommend the CFTC commence an

enforcement action against:

 any person for failure to comply with the trade execution requirement under section

2(h)(8) of the CEA with respect to any CDS transaction that is entered into for the

sole purpose of migrating CDS positions from ICEU to another CCP; or

 any person, including but not limited to any SEF, for failure to comply with

required methods of execution under CFTC Regulation 37.9 with respect to any

CDS transaction that is entered into for the sole purpose of migrating CDS

positions from ICEU to another CCP.

The no-action letter will expire upon the later of either October 27, 2023 or ICEU’s

cessation of its clearing services for CDS, but no later than January 1, 2024.

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