ASX gets first DCO exemption from CFTC

Four Asian CCPs have applied, but Australian outfit is first to win an exemption

This is a 'world-first' CFTC decision

The Commodity Futures Trading Commission (CFTC) has granted Australian Securities Exchange (ASX) the first exemption from registering as a derivatives clearing organisation (DCO), allowing it the permanent right to clear derivatives for US clearing members but not US clients.

Under US rules, central counterparties (CCPs) must apply to the CFTC to become a DCO – effectively a fully recognised clearing house that has permission to clear derivatives for US banks and clients such as pension funds or

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