CFTC Staff Issues Supplemental No-Action Relief for Gemini Titan and Gemini Olympus

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight and Division of Clearing and Risk have issued a no-action position regarding swap data reporting and recordkeeping regulations. Under the terms of the issued letter, the divisions will not recommend that the Commission initiate enforcement action against Gemini Titan, LLC, a designated contract market, and Gemini Olympus, LLC, a derivatives clearing organization, or their market participants. The regulatory relief applies to potential failures to comply with certain swap-related recordkeeping rules and requirements to report data to swap data repositories. Specifically, it covers contracts with binary payout structures and variable payout structures executed on or subject to the rules of Titan and cleared through Olympus. According to the CFTC, the staff position was issued in response to a request from Titan and Olympus to supplement CFTC Letter No. 25-44 so that transactions cleared through Olympus are covered. The relief remains subject to the specific terms outlined in the supplemental letter.