I am pleased that CFTC staff has granted important no-action relief to Shanghai Clearing House. As of today, Shanghai Clearing House will be allowed to temporarily clear certain swaps that are subject to mandatory clearing in China. This relief is intended as an interim measure, as Shanghai Clearing House intends to seek a permanent order exempting it from registration with respect to such swap clearing. It follows months of work between our respective staffs as well as the staff of the People’s Bank of China (PBOC). We welcome this new relationship and look forward to continued collaboration.
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