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CFTC Extends Public Comment on Exemption Request for the China Foreign Exchange Trade System
Washington, DC – On August 23, 2007, the Commodity Futures Trading Commission (CFTC) requested public comment on a proposal to allow the China Foreign Exchange Trade System and National Interbank Funding Center (CFETS) to clear, for customers domiciled in China, foreign currency and interest rate futures transactions traded at the Chicago Mercantile Exchange (CME). CME, on behalf of CFETS, requested an exemption under Section 4(c) of the Commodity Exchange Act so that CFETS and its members would be exempted from registration as futures commission merchants, but would be subject to certain financial requirements, monthly reporting and record keeping requirements, and equivalent large trader reporting.
The comment period was scheduled to end on September 24, 2007. The CFTC received a request from an interested party to extend the comment period by two weeks. The CFTC has granted this request, and has extended the comment period to October 9, 2007.