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Originating department:Commercial Services
Company Circular No:LCH.Clearnet Ltd Circular No 2892
Date:28 June 2011
To:All LCH.Clearnet Members

CFTC proposed relief from certain provisions of Dodd-Frank Act

At a meeting held by the Commodity Futures Trading Commission (the “CFTC”) on 14 June 2011 the CFTC proposed to provide relief from certain provisions of the Dodd-Frank Act that were due to come in to force on 16 July 2011. Should the proposed rule be passed, the proposed relief will be in force from 16 July 2011 until 31 December 2011, unless the CFTC issues final rules in the meantime.

LCH.Clearnet Limited (LCH.Clearnet) is continuing to actively monitor all developments being brought about by rulemaking from the CFTC and fully expects to be compliant with the regulatory changes as they come in to effect. In the meantime LCH.Clearnet would encourage members who clear business on behalf of US customers, or who intend to do so in the future, to seek advice regarding their own status and obligations under the Dodd-Frank Act and related rules from the CFTC to ensure that they are and remain compliant with all relevant obligations.

Regulations under the Dodd-Frank Act will require members which clear certain contracts on behalf of US customers to clear such contracts through a Futures Commission Merchant (“FCM”).  Members are encouraged to register their intention to apply for such membership of LCH.Clearnet as soon as possible at: membershipteam@lchclearnet.com.

If you have any questions please contact Richard Heyman on +44(0) 20 7426 7293 or on richard.heyman@lchclearnet.com, or your business relationship manager.


Richard Heyman
Director, Head of Client Management