CFTC Extends Brexit Relief, Allowing US Firms to Trade Swaps on Two Additional UK Platforms

The U.S. Commodity Futures Trading Commission has amended its post-Brexit no-action relief to include two additional UK trading facilities, OptAxe Limited and Capitolis UK Limited. The move, announced by the CFTC's Division of Market Oversight, aims to preserve trading continuity for U.S. market participants using UK venues following Britain's exit from the European Union.

This update reflects ongoing adjustments to cross-border oversight frameworks by U.S. and UK regulators. The CFTC has issued a series of no-action letters since Brexit to prevent disruption in derivatives trading between the two markets. The relief allows qualifying UK-regulated platforms to temporarily serve U.S. participants without registering as designated contract markets or swap execution facilities under U.S. law.

The inclusion of the two firms underscores a continued effort to maintain smooth market access and cooperation between the U.S. and UK derivatives markets. For the industry, such regulatory actions enable banks and brokers to continue routing swaps through established UK platforms without the need for abrupt operational changes or new client onboarding processes.