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    CFTC and MAS Announce Mutual Recognition of Derivatives Trading Venues

    March 15, 2019

    CFTC and MAS announced the mutual recognition of certain derivatives trading venues in the U.S. and Singapore. CFTC Chairman J. Christopher Giancarlo and MAS Assistant Managing Director Lee Boon Ngiap made this joint announcement at the 44th Annual International Futures Industry Conference, which was hosted by the Futures Industry Association in Boca Raton, Florida.

    CFTC issued an order exempting certain derivatives trading facilities regulated by MAS from the requirement to register with CFTC as swap execution facilities (SEFs). Similarly, MAS announced the issuance of regulations exempting certain derivatives trading venues regulated by CFTC from the requirement to be a MAS-authorized approved exchange or recognized market operator before establishing or operating an organized market.

    The order granting exempt SEF status to the MAS-authorized approved exchanges and recognized market operators does not affect other requirements under Commodity Exchange Act (CEA) and the CFTC regulations. CFTC has particularly highlighted certain of these continuing requirements in the order, which interested parties should consult for further details as to the precise parameters of the exemption by CFTC. Similarly, the exemption for CFTC-registered SEFs does not affect the other requirements under the Securities and Futures Act (SFA) and MAS’ regulations.

    Keywords: Americas, Asia Pacific, US, Singapore, Securities, Derivatives Trading, Swap Execution Facility, Trading Venues, OTC Derivatives, CFTC, MAS

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