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Appendix 2 – Analysis of New Responsibilities and Authorities on 2013 Budgetary Requirements (continued)

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Analysis of Foreign Boards of Trade

In FY 2013, a new registered FBOT category will obviate the need for the current FBOT no-action letter program, but the substantive requirements that will be imposed on registered FBOTs will likely be more robust than the requirements imposed under the no-action regime.  By FY 2013, up to 28 FBOTs will be registered.  Currently, 20 FBOTs operate in the United States based upon no-action letters dating back to 1999.  The Commission expects at least that number of FBOTs will apply to register upon the implementation of the FBOT regulations, plus an additional eight FBOTs who have recently expressed an interest in becoming registered.

Projected Foreign Boards of Trade (FBOTs)
  1. Australian Securities Exchange
  2. BM&F Bovespa S.A. - Bolsa de Valores, Mercadorias & Futuros
  3. Bourse de Montreal
  4. Dubai Mercantile Exchange Limited
  5. Eurex Deutschland
  6. Eurex Zurich
  7. Euronext Amsterdam
  8. Euronext Paris
  9. European Energy Exchange
  10. Hong Kong Futures Exchange
  11. ICE Futures Canada, Inc.
  12. ICE Futures Europe
  13. London International Financial Futures and Options
  14. London Metal Exchange
  15. Mercado Mexicano de Derivados S.A. de C.V.
  16. MEFF AIAF SENAF Holding de Mercados S.A.
  18. Osaka Securities Exchange
  19. Singapore Exchange Derivatives Trading Limited
  20. Tokyo Financial Exchange, Inc.

FBOTs who have recently expressed an interest in becoming registered
  1. BlueNext Exchange (Paris)
  2. Bursa Malaysia
  3. Hong Kong Mercantile Exchange
  4. Natural Gas Exchange (Canada)
  5. NZX Limited (New Zealand)
  6. Tokyo Commodity Exchange
  7. Tokyo Stock Exchange
  8. Turquoise

Inventory and Status of New Rules Impacting Projected Registrants
Rules Under Development Status
FBOT Registration Still Under Commission Consideration
Position Limits for Exempt and Agricultural Commodities Still Under Commission Consideration

Technology for FBOTs

IT Category

IT Requirement1
New Mission Authorities Dodd-Frank Participant Registration (Opera)
Current Mission Authorities Large Trader Reporting, Trade Practice Compliance, Filings & Actions
Data Standardization, Data Loading, Data Analysis - e.g., Order Data, Large Trader, Time & Sales

1 The listing of technology requirements is not limited to registrants but support other activities Commission-wide. (back to text)


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