Release:              #4313-99
For Release:        September 16, 1999

 

CFTC Expands the Scope of Relief of the Rule 30.10 Order Issued to SIMEX to Include Transactions Entered Into on or Subject to the Rules of EUREX

Washington -- The Commodity Futures Trading Commission (Commission) issued a supplemental order authorizing certain members of the Singapore International Monetary Exchange (SIMEX) to solicit and accept futures and options orders from foreign futures and options customers in the U.S. for transactions on Eurex Deutschland (EUREX).

Under the terms of the original order issued to SIMEX, SIMEX members who receive confirmation of relief under Commission Rule 30.10 were authorized to solicit and accept futures and options orders from foreign futures and options customers in the U.S. only for transactions on SIMEX without having to comply with certain provisions of Part 30 of the Commission's regulations.

In the supplemental order, the Commission extended the relief to include transactions for the purchase and sale of futures and option products offered on EUREX. As with the original order, the relief provided for in the 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 Commission regulations and procedures thereunder related to stock indices and foreign government debt. In addition, the relief under the supplemental order does not permit SIMEX electronic terminals providing access to SIMEX and EUREX to be placed in the United States, or otherwise authorize SIMEX members to accept orders through U.S. automated order routing systems from persons located in the United States for transmission to either SIMEX or EUREX, without SIMEX having to acquire contract market designation pursuant to section 5 of the CEA or receive comparable no-action relief. Should SIMEX, or any other rule 30.10 order recipient, seek to extend its rule 30.10 relief to include a broader range of non-U.S. exchanges, it should comply with the procedural requirements set forth within the supplemental order.

The supplemental order was published in the Federal Register on September 16, 1999. Copies of the supplemental order may be obtained by contacting the Commission's Office of the Secretariat, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, (202) 418-5100, or by accessing the Commission's website, www.cftc.gov.