Order Exempting the Trading and Clearing of Certain Credit Default Products Pursuant to the Exemptive Authority in Section 4(c) of the Commodity Exchange Act (“CEA”)

概要

On May 14, 2007, the Commodity Futures Trading Commission ("CFTC" or the "Commission") published for pubic comment in the Federal Register \1\ a proposal to exempt for the CEA \2\ the trading and clearing of certain products called credit default options ("CDOs") and credit default basket options ("CDBOs") that are proposed to be traded on the Chicago Board Options Exchange ("CBOE"), a natioal securities exchange registered under Section 6 of the Securities Exchange Act of 1934 ("1934 Act"),\3\ and cleared through the Options Clearing Corporation ("OCC"), a registered securities clearing agency registered under Section 17A of the 1934 Act,\4\ and Derivatives Clearing Organization registered under Section 5b of the CEA.\5\ The proposed order was preceded by a request from OCC to approve rules that would permit it to clear these CDOs and CDBOs in its capacity as a registered securities clearing agency. OCC's request presented novel and complex issues of jurisdiction and the Commission determined that an order exempting the trading and clearing of such instruments from pertinent requirements of the CEA may be appropriate. The Commission has reviewed the comments made in response to it