CFTC Tells Exchanges to End Domestic Geographic Access Restrictions Within 30 Days
WASHINGTON, Nov. 5 — The Commodity Futures Trading Commission (CFTC) on Thursday issued an interpretation (Release No. 9323-26) of the requirement that designated contract markets (DCMs) provide competitive, open, fair and impartial access to their members and persons with trading privileges under Commission Regulation 38.151(b), the agency's Impartial Access Requirements.
"Derivatives markets must operate on a uniform basis at a national scale in order to achieve the purposes set out in the Commodity Exchange Act," said Chairman Michael S. Selig. "Geographic access restrictions are inconsistent with those purposes and the Act's impartial access requirements."
Under the interpretation, DCMs must cease domestic geographic restrictions that violate the Impartial Access Requirements within 30 days, or else submit to the Division of Market Oversight an explanation for why such compliance is not feasible. The same 30-day window applies to intermediaries: within 30 days, DCMs should ensure that intermediaries accessing their markets are not impeding impartial access and are complying with the requirements, or else submit an explanation. The Commission said it will consider the facts and circumstances of any particular case in connection with potential Commission action.
The interpretation names no exchange or platform. It arrives as federally registered prediction markets and several states are locked in court disputes over state-based blocking of certain contracts; the CFTC has previously sued Utah over its enforcement against registered contract markets.
Related: CFTC Sues Utah Over State Bid to Shut Registered Contract Markets
(Source: U.S. Commodity Futures Trading Commission)
Source: U.S. Commodity Futures Trading Commission
Published by GSM · USA (original Chinese edition)
Photo: 图：美国商品期货交易委员会总部入口（华盛顿 Three Lafayette Centre）；Dclemens1971 摄，CC BY 4.0，Wikimedia Commons / The CFTC headquarters entrance in Washington; by Dclemens1971, CC BY 4.0, via Wikimedia Commons.
