August 18, 2010
CFTC Staff Allows Turkish Derivatives Exchange’s Futures Contract Based on the Istanbul Stock Exchange 30 Stock Index to be Offered and Sold in the United States
Washington, DC –– The Commodity Futures Trading Commission’s (CFTC’s) Office of General Counsel yesterday issued a no-action letter permitting the offer and sale in the United States of Turkish Derivatives Exchange’s futures contract based on the Istanbul Stock Exchange 30 Stock Index (ISE-30).
The ISE-30 is a broad-based, free-float, market-capitalization-weighted, composite index of 30 highly capitalized and actively traded stocks currently listed on the “National Market” of the ISE, accounting for 70 percent of Turkey’s market volume and market capitalization.
This is a product approval only. U.S. customers may trade approved foreign exchange-traded products through a registered futures commission merchant (FCM) that is either a member of the foreign exchange on which that product is listed or 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: /International/ForeignMarketsandProducts/index.htm.
R. David Gary
Last Updated: August 18, 2010