For Release: November 28, 2008
CFTC Staff Allows Korea Exchange’s Futures Contract Based on the KOSPI 200 Stock Index to be Offered and Sold in the United States
Washington, D.C. - The Commodity Futures Trading Commission's (CFTC's) Office of General Counsel today announced that it issued a no-action letter on November 26, 2008, permitting the offer and sale in the United States of the Korea Exchange’s (KRX’s) futures contract based on the KOSPI 200 Stock Index (KOSPI 200).
The KOSPI 200 is a broad-based, free-float market-capitalization- weighted index composed of 200 major stocks currently listed on KRX and is a widely recognized benchmark of stock market activity in South Korea. Based on data supplied by KRX, the free-float adjusted market capitalization of the KOSPI 200 was approximately U.S.$495.4 billion as of March 4, 2008.
This is a product approval only. U.S. customers may trade approved foreign exchange-traded products through a registered futures commission merchant (FCM) which is either a member of the foreign exchange on which that product is listed or which has established an omnibus account with a clearing member on that exchange, or directly through a member of the foreign exchange that has been granted exemptive relief pursuant to Commission Regulation 30.10. For more information on foreign markets, products, and intermediaries, please see the Commission's website (see Related Documents link).
R. David Gary
Last Updated: November 28, 2008