CFTC approves 5 foreign BoTs for direct US trading


The U.S. Commodity Futures Trading Commission (CFTC) has issued Orders of Registration to the following Foreign Boards of Trade (FBOT):

  • Eurex Deutschland (Eurex)
  • CME Europe Limited (CMEEL)
  • ICE Futures Europe (IFE)
  • The London Metal Exchange (LME)
  • London Stock Exchange plc. (LSE)

Under the Orders, each of the FBOTs is permitted to provide identified members or other participants located in the U.S. with direct access to its electronic order entry and trade matching system.

Eurex, IFE and LME previously offered direct access to U.S. participants in accordance with CFTC Letters 99-48; 99-69; and 01-11.

According to CFTC regulation 48.6, these no-action letters are automatically withdrawn with the issuance of Registration Orders for Eurex, IFE and LME.

Eurex is based in Frankfurt and subject to principal regulatory oversight by the Exchange Supervisory Authority of the State of Hesse in Germany. CMEEL, IFE, LME and LSE are headquartered in London and subject to principal regulatory oversight by the United Kingdom’s Financial Conduct Authority.

The CFTC issued the Orders under Part 48 of the CFTC’s regulations, which provides that such Orders may be issued to an FBOT that possesses, among other things, the attributes of an established, organized exchange and is subject to continued oversight by a regulator that provides comprehensive supervision and regulation that is comparable to the supervision and regulation exercised by the CFTC.

Each of these FBOTs submitted applications for registration that included, among other things, representations that their regulatory regimes satisfy the requirements for registration in CFTC regulation 48.7. Upon review of their applications, the CFTC determined that these FBOTs have demonstrated their ability to comply with the requirements of CFTC regulations, including CFTC regulation 48.8., which outlines the conditions of registration. This regulation also permits any additional conditions that the CFTC deems necessary and may impose after appropriate notice and opportunity to respond. Each FBOT shall also continue to fulfill each of the representations it made in support of its applications for registration.

Including the five FBOT Orders of Registration issued today, the CFTC has issued, under CFTC regulations and based upon the recommendations of the Division of Market Oversight, seven Orders to FBOTs this year and a total of 14 Orders since the enactment of the Dodd-Frank Act.

Previously approved FBOT Registration Orders include those issued to FBOTs in Brazil, Canada, Singapore, Malaysia, Japan and New Zealand.

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CFTC approves 5 foreign BoTs for direct US trading

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