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CFTC ·

CFTC staff grants supplemental no-action relief on swap reporting and recordkeeping for Gemini Titan and Olympus

Compliance teams at Gemini Titan, Olympus, and trading participants must operate within the no-action letter's terms to retain CFTC staff non-enforcement on swap reporting and recordkeeping

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CFTC's Division of Market Oversight and Division of Clearing and Risk issued a supplemental no-action position to CFTC Letter No. 25-44, stating staff will not recommend Commission enforcement against Gemini Titan, LLC, Gemini Olympus, LLC, or their participants for specified swap-related recordkeeping failures and for failures to report binary- and variable-payout contracts executed on Titan and cleared through Olympus, subject to the letter's terms.
Why it matters
The supplemental position extends Letter No. 25-44 to transactions cleared through Olympus, so teams already operating under 25-44 must reconcile the supplemental scope against existing controls. Staff no-action letters bind only the issuing divisions — the Commission itself retains independent authority to initiate enforcement, so operating within the letter's terms does not foreclose Commission action. The relief covers two separate compliance domains, swap-related recordkeeping and swap data reporting on binary- and variable-payout contracts, each with its own control surface.
Implications
  • — Compliance and recordkeeping teams at Gemini Titan and Gemini Olympus must align swap-related recordkeeping practices to the letter's stated terms — recordkeeping outside the letter's scope restores exposure to a staff enforcement recommendation.
  • — Swap data reporting teams at Gemini Titan and Gemini Olympus must scope reporting controls for binary- and variable-payout contracts against the letter's stated terms — reporting failures outside the letter's scope restore exposure to a staff enforcement recommendation.
  • — Participants trading on Gemini Titan and clearing through Gemini Olympus must reconcile their controls against both Letter No. 25-44 and the supplemental position — gaps between the two letters create exposure that staff non-enforcement does not cover.
Who is affected
  • — Compliance and recordkeeping teams at Gemini Titan and Gemini Olympus
  • — Swap data reporting teams at Gemini Titan and Gemini Olympus
  • — Participants trading on Gemini Titan and clearing through Gemini Olympus
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