CFTC gives green light and paves way for DCO application
Eurex US was last week approved by regulators who also gave
the exchange leave to push forward with the approval process
for its proposed cross-Atlantic clearing link earlier than
Eurex US received the long-anticipated approval from
Commodity Futures Trading Commission (CFTC) as a designated
contract market (DCM) last Wednesday, and was due to open its
market with US interest rate futures on Sunday 8 February. In
connection with its CFTC approval, the commission also ruled
that Eurex was free to submit an application for a US clearing
license, for Eurex Clearing AG, prior to the third quarter.
That paves the way for an earlier launch of a clearing link
between TCC and Eurex Clearing.
That could prove to be a huge boost for Eurex US and Eurex,
which had just weeks ago announced that it would delay
submitting a Eurex Clearing application for the purposes of
creating the clearing link until the third quarter. That
postponement was a gesture towards simplifying the application
approval process for CFTC with the hopes of getting a quicker
approval for Eurex US.
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