After receiving a rude letter from the US Commodity Futures Trading Commission (CFTC), The Clearing Corporation and Eurex Clearing yesterday issued a statement clarifying exactly when their Global Clearing Link will go live.
In a joint statement, the two CCPs explained that the 28 March 2004 launch date included in a press release of 16 December was a “targeted implementation date and is subject to prior satisfaction of applicable US and European regulatory requirements and finalization of all required regulatory action.”
They added that the 1 February 2004 date referred to in connection with US Futures Exchange’s (USFE) launch, is also subject to CFTC approval of USFE’s application for designation as a US contract market. “Statements contained in the December 16, 2003 joint press statement relating to these dates are, accordingly, hereby retracted and superseded by the foregoing,” the statement concluded.
The Clearing Corporation and Eurex Clearing said they are “working to ensure that the Global Clearing Link obtains all necessary regulatory approval and that the Global Clearing Link is fully acceptable to both US and European regulators.”