CFTC’s Division of Clearing and Risk Issues Limited No-Action Relief from Required Clearing for Partial Novation and Partial Termination of Certain Swaps

CFTC’s Division of Clearing and Risk Issues Limited No-Action Relief from Required Clearing for Partial Novation and Partial Termination of Certain Swaps

The Commission’s Division of Clearing and Risk (Division) today issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps” that remain after the partial novation or partial termination of an original swap that was not required to be cleared because it was executed prior to an applicable compliance date for required clearing.

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