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The U.S. Commodity Futures Trading Commission’s (CFTC) has, recently, issued consent to Eurex Clearing AG (Eurex) to commence clearing swap transactions on behalf of clients of futures commission merchants (FCMs), delivering services to U.S. clients with another option for clearing their swap transactions.
The capital financing and advanced financial arrangements would aid the company accelerate the development of the intermediary-friendly, CFTC-regulated futures exchange (registered) and clearing organization.
The three letters were issued from the Division of Clearing and Risk and the Division of Swap Dealer and Intermediary Oversight to discrube CFTC staff permission.
The first letter, issued by the Division of Clearing and Risk, confirms that Eurex has demonstrated compliance with the straight-through-processing requirements of Regulation 39.12(b)(7) and approves certain Eurex rules. Compliance with the CFTC’s straight-through-processing requirements was a condition of the February 2016 order granting registration to Eurex as a derivative clearing organization for the purpose of clearing swap transactions. Prior to the issuance of this letter, Eurex could clear proprietary swap transactions for U.S. persons pursuant to staff no-action relief, but could not clear swap transactions on behalf of customers of FCMs.
The second letter, issued jointly by the Divisions, provides conditional relief from certain Commission regulations to allow Eurex’s FCM clearing members to deposit and hold customer margin in the form of securities at Clearstream Banking AG, a central securities depository based in Germany.
The final communication provides no-action respite authorising adjustments to the acknowledgment letter that Eurex is required to obtain from the Deutsche Bundesbank in order to deposit customer margin in the form of cash at the Deutsche Bundesbank, as per the 3rdletter, issued by the Division of Clearing and Risk. Source: CFTC
Currency Strength Index:FxWirePro's hourly EUR spot index is flashing at 42 levels (which is bullish), while hourly USD spot index was at 24 (mildly bullish), while articulating at (10:17 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
