Electronic trading facilities providing for the execution of principal-to principal transactions between eligible commercial entities in exempt commodities may operate as exempt commercial markets (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 21 ECMs have filed notices with the Commission and 19 were active in FY 2007.
|Exempt Commercial Markets1||2002||2003||2004||2005||2006||2007|
|1For full names of ECMs, refer to the List of Acronyms. (back to text)|