Order Granting Conditional Exemptions Under the Securities Exchange Act of 1934 in Connection With Portfolio Margining of Swaps and Security-Based Swaps

The Securities and Exchange Commission ("SEC' or "Commission') is issuing an order granting conditional exemptive relief from compliance with certain provisions of the Securities Exchange Act of 1934 ("Exchange Act') in connection with a program to commingle and portfolio margin customer positions in cleared credit default swaps ("CDS'), which include both swaps and security-based swaps, in a segregated account established and maintained in accordance with Section 4d(f) of the Commodity Exchange Act ("CEA').