CFTC Amends No-Action Letter Issued To The Dubai Mercantile Exchange - Amended Foreign Access...

The Commodity Futures Trading Commission (CFTC or Commission) today announced that Commission staff has amended the May 27, 2007, “no-action relief letter” under which the Dubai Mercantile Exchange (DME) is permitted to make its electronic trading and order matching system available to DME members in the United States. The new conditions are designed to help the Commission carry out its market surveillance responsibilities and maintain the integrity of prices established on CFTC-regulated exchanges in light of the fact that the DME intends to list for trading a cash-settled contract that settles on the price of a contract traded on a CFTC-regulated exchange. The additional terms and conditions will apply to any U.S. linked contracts that DME elects to trade in the future. Specifically, the amended letter adds additional terms... [read full story]