Electronic trading facilities that execute principal-to-principal transactions between eligible commercial entities in exempt commodities may operate as ECMs as set forth under the CEA and the Commission’s regulations. An ECM is subject to anti-fraud and anti-manipulation provisions and a requirement that, if performing a significant price discovery function, the ECM must provide pricing information to the public. A facility that elects to operate as an ECM must give notice to the Commission and comply with certain information, record-keeping, and other requirements. An ECM is prohibited from claiming that the facility is registered with, or recognized, designated, licensed or approved by, the Commission. A total of 24 ECMs have filed notices with the Commission and 19 were active in FY 2008.
|Exempt Commercial Markets||2003||2004||2005||2006||2007||2008|
|GFI (Energy Match)|
|LiquidityPort (Options ATS)|