On March 13, the Commodity Futures Trading Commission and the Monetary Authority of Singapore (MAS) issued a joint statement announcing their mutual recognition of certain derivatives trading venues in the United States and Singapore. The CFTC issued an order exempting certain derivatives trading facilities regulated by the MAS from the registration requirements for swap execution facilities (SEFs). Similarly, the MAS issued regulations exempting certain CFTC-regulated derivatives trading venues from the requirement that such trading venues be a MAS-authorized approved exchange or recognized market operator before establishing or operating an organized market. The approval of the exemption requests was the result of the CFTC and MAS jointly determining that these platform categories meet the comparability standards under their respective laws and regulations.
The CFTC order does not affect other requirements under the Commodity Exchange Act and CFTC regulations. Similarly, the exemption granted pursuant to the MAS Regulations does not affect other requirements under Singapore’s Securities and Futures Act and MAS’ regulations.
The statement is available here.
The CFTC order is available here.
The MAS regulations are available here.