Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) issued Orders of Registration to three foreign boards of trade – Eurex, the International Futures Exchange (IFE), and the London Metal Exchange (LME) – on October 31, 2016. These orders permit the exchanges to provide direct access to their electronic trading systems for U.S.-based participants.
The move formalizes access previously granted under temporary “no-action” letters (99-48, 99-69, and 01-11), which are now withdrawn with the issuance of these registration orders. This ensures continued oversight and regulatory compliance for these foreign exchanges operating within the U.S. market.
Eurex, based in Frankfurt, Germany, is overseen by the Exchange Supervisory Authority of the State of Hesse. IFE, LME, and the London Stock Exchange (LSE) are all headquartered in London and regulated by the United Kingdom’s Financial Conduct Authority. The CFTC determined that each exchange meets the requirements of Part 48 of its regulations, demonstrating attributes of an established, organized exchange and comparable regulatory oversight.
Each exchange submitted applications affirming their regulatory regimes meet CFTC standards, specifically outlined in regulation 48.7. The CFTC’s review confirmed their ability to comply with all applicable regulations, including conditions outlined in regulation 48.8. The exchanges are obligated to maintain the representations made in their applications.
With these three additional orders, the CFTC has issued seven FBOT Registration Orders in 2016 and a total of 14 since the enactment of the Dodd-Frank Act. Previously approved exchanges are located in Brazil, Canada, Singapore, Malaysia, Japan and New Zealand. The Division of Market Oversight recommended the issuance of these orders, underscoring the CFTC’s commitment to overseeing global derivatives markets.
No penalties or enforcement actions were associated with these registration orders; they represent a proactive regulatory step to formalize access and oversight for established foreign exchanges.
Source: CFTC.gov
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