Electronic trading facilities providing for the execution of principal-to-principal transactions between eligible commercial entities in exempt commodities may operate as ECMs, as set forth under the CEA and the Commissionís regulations. An ECM is subject to anti-fraud and anti-manipulation provisions and a requirement that, if performing a significant price discovery function, 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 34 ECMs have filed notices with the Commission. In FY 2010, 23 ECMs were in business for at least part of the year; five however, withdrew their ECM notifications during the fiscal year.
|1 Refer to the Table of Acronyms in Appendix 10 for full names of organizations. (back to text)
2 These ECMs withdrew their ECM notifications during FY 2010. (back to text)