For Release: September 4, 2007
Washington, DC – The Commodity Futures Trading Commission (CFTC) has issued an amended supplemental order authorizing certain members of the Singapore Derivatives Trading Ltd (SGX), formerly known as the Singapore International Monetary Exchange (SIMEX), to solicit and accept futures and options orders from U.S. customers for transactions on all non-U.S. exchanges where such members are permitted by the laws of Singapore to conduct futures business for customers. The amended supplemental order is issued pursuant to Regulation 30.10, which permits the CFTC to grant an exemption from certain provisions of Part 30 of the CFTC’s regulations, and supersedes two orders issued previously by the CFTC to SIMEX in 1989 and 1999, respectively.
Under the terms of the original order issued to SIMEX in 1989, designated members who received confirmation of relief under Regulation 30.10 were authorized to solicit and accept futures and options orders from U.S. foreign futures and options customers, only for transactions on SIMEX, without having to comply with certain provisions of Part 30 of the CFTC's regulations. In 1999, the CFTC amended the original order to extend the relief to include transactions for the purchase and sale of futures and option products offered on EUREX Deutschland. As with the prior orders, the relief provided for in the amended supplemental order only extends to those products falling within the jurisdiction of the Commodity Exchange Act (CEA) and remains subject to existing product restrictions under the CEA and CFTC regulations and procedures thereunder related to stock indices, foreign government debt and foreign security futures products.
The amended supplemental order will be published shortly in the Federal Register. Copies of the order may be obtained by contacting the Commission's Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581, 202-418-5100, or by accessing the Commission's website, www.cftc.gov.
R. David Gary
Last Updated: April 23, 2010