The CFTC Division of Clearing and Risk (the "Division") granted no-action relief to CX Clearinghouse, L.P. ("CX") from certain provisions of Part 39 of the CFTC Rules ("Derivatives Clearing Organizations") in light of CX's fully collateralized clearing model. In CFTC Letter 21-13, the Division stated that it will not recommend enforcement action against CX (which is registered as a derivatives clearing organization under Section 5b of the CEA) for the following:
- CFTC Rule 39.15(d), given that CX does not permit futures commission merchant participants or clearing on behalf of customers;
- CFTC Rules 39.21 (c)(3) and (c)(4), given that CX does not (i) use a margin methodology or (ii) have a mutualized default fund; and
- CFTC Rule 39.21(c)(7), given that all of CX's participants self-clear.
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