LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
The U.S. Commodity Futures Trading Commission (CFTC) has officially issued an order allowing certain Korea Exchange (KRX) members to solicit and accept orders as well as accept funds directly from U.S. customers, without having to register with the CFTC as futures commission merchants (FCMs).
The order is only for client trading on the KRX. The order also permits these designated KRX Members to engage in marketing activities in the U.S. for a period not to exceed thirty days. This exemption follows similar exemptions granted to members of other foreign exchanges.
The order will be published in the Federal Register and the relief is effective as to qualifying foreign firms upon the filing of certain representations with the National Futures Association. For more information on the KRX’s exemption, as well as a list of other “Regulation 30.10” exemptions granted by the CFTC, refer to the International page of the CFTC’s website.
Details on the CFTC’s Korea exemption can be seen here.