CFTC 工作人员针对掉期交易后风险降低服务发出不采取行动函

CFTC 工作人员就掉期交易后风险降低服务发出不采取行动信美国商品期货交易委员会
版本号 9255-26
CFTC 工作人员针对掉期交易后风险降低服务发出不采取行动函
2026 年 6 月 17 日
华盛顿——商品期货交易委员会的清算和风险部、市场监督部和市场参与者部今天宣布，他们已对 Capitolis Partners LLC、Quantile Technologies Limited（作为伦敦证券交易所集团的一部分）和 TriOptima AB（作为 OSTTRA 的一部分）这三个服务提供商的请求采取不采取行动立场，这三个服务提供商以投资组合再平衡和基差风险缓解的形式提供掉期交易后风险降低服务 (PTRRS)。
该信函对未能注册为互换执行设施的服务提供商提供了不采取行动的立场，并指出他们已在 CFTC 注册为介绍经纪商，须遵守 CFTC 法规和美国期货协会规则。
不采取行动信函还使任何从事投资组合再平衡和基差风险缓解服务的人员受益：未能在指定合约市场上进行掉期交易；互换执行设施；或根据《商品交易法》第 2(h)(8) 条中的交易执行要求免于注册的掉期执行设施；未能根据 CEA 第 2(h)(1) 条和 CFTC 法规第 50 部分的规定向衍生品清算组织提交需要清算的掉期。
这封不采取行动的信重申了委员会 2020 年第 43 部分最终规则中关于风险降低服务的讨论，并澄清，如果 PTRRS 符合该采用版本中的描述，那么这些服务不符合可公开报告的掉期交易的定义，并且不受第 43 部分中实时公开报告和传播要求的约束。
不采取行动信函有时间限制，并受信函中的条款和条件约束
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CFTC Staff Issues No-Action Letter for Swap Post-Trade Risk Reduction Services | CFTC
Release Number 9255-26
CFTC Staff Issues No-Action Letter for Swap Post-Trade Risk Reduction Services
June 17, 2026
WASHINGTON — The Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division today announced they have taken no-action positions related to a request from three service providers, Capitolis Partners LLC, Quantile Technologies Limited (as part of the London Stock Exchange Group plc), and TriOptima AB (as part of OSTTRA) that offer post-trade risk reduction services (PTRRS) for swaps in the form of portfolio rebalancing and basis risk mitigation.
The letter provides a no-action position to the service providers for failure to register as swap execution facilities and notes they have registered with the CFTC as introducing brokers subject to compliance with CFTC regulations and National Futures Association rules.
The no-action letter also benefits any person who engages in portfolio rebalancing and basis risk mitigation services for: failure to enter into a swap or swaps on a designated contract market; swap execution facility; or a swap execution facility that is exempt from registration under the trade execution requirement in section 2(h)(8) of the Commodity Exchange Act; and failure to submit a swap or swaps that are required to be cleared to a derivatives clearing organization under CEA Section 2(h)(1) and part 50 of CFTC regulations.
The no-action letter reiterates the discussion of risk reduction services in the Commission’s 2020 part 43 final rule and clarifies that if PTRRS meet the description in that adopting release then those services do not meet the definition of a publicly reportable swap transaction and are not subject to the real-time public reporting and dissemination requirements in part 43.
The no-action letter is time-limited and subject to the terms and conditions in the letter
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