On August 15, the CFTC issued a no-action letter providing that, for a limited time, market participants can rely on the trade option exemption in CFTC regulation 32.3 without complying with specified provisions.  The no-action letter is effective until the earlier of December 31 and the effective date of any final action taken by the CFTC on the trade option exemption interim final rules.  CFTC Release.