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CFTC Staff Provides Further Brexit-Related Relief to Provide Market Certainty

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— The Commodity Futures Trading Commission’s Market Participants Division (MPD) and Division of Clearing and Risk (DCR) today announced they are jointly issuing no-action relief, effective today, to provide greater certainty to the global marketplace in connection with the withdrawal of the United Kingdom from the European Union, known as Brexit.

The relief permits market participants to transfer certain swaps to an affiliate without such swaps becoming subject to the CFTC’s swap clearing requirement or uncleared swap margin requirement.  The relief applies to transfers that occur up to one year following the conclusion of the Brexit transition period.

“The derivatives markets are among the most interconnected in the world, and the City of London is a critical part of that financial system,” said DCR Director Clark Hutchison. “This relief will help ensure that our markets will not be adversely affected by the anticipated end of the transition period later this month.”

“It is important that the CFTC continue to lead in the international arena, consistent with its vision of being the global standard for sound derivatives regulation,” added MPD Director Josh Sterling. “The CFTC’s work to provide market participants certainty regarding Brexit is part and parcel of our commitment to those efforts.”

The CFTC has taken a number of other steps to facilitate a smooth transition upon the withdrawal of the UK from the EU. Last month, MPD and the Division of Market Oversight extended temporary no-action relief. [See Press Release No. 8320-20] In addition, in February of 2019, the CFTC, the Bank of England and its Prudential Regulation Authority, and the Financial Conduct Authority issued a statement regarding the continuity of derivatives trading and clearing post-Brexit. [See CFTC Press Release No. 7876-19]

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Regulator Information

Abbreviation: CFTC
Jurisdiction: USA

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