CFTC Issues Impartial Access Interpretation: Designated Contract Markets Must End Domestic Geographic Restrictions
The Commodity Futures Trading Commission (CFTC) on November 5 issued an interpretation of the requirement that designated contract markets (DCMs) provide competitive, open, fair, and impartial access to their members and persons with trading privileges. The impartial access requirements are set out in Commission Regulation 38.151(b).
Under the interpretation, domestic geographic restrictions that run afoul of the impartial access requirements must be removed within 30 days. A DCM that cannot comply within that window must submit an explanation to the CFTC's Division of Market Oversight laying out why compliance is not feasible, including where its intermediaries cannot be brought into line in time. CFTC Chairman Michael S. Selig said 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. Designated contract markets are the federally registered exchanges on which futures and other derivatives trade in the United States, and their access criteria must be transparent and applied in a non-discriminatory manner.
(Source: U.S. Commodity Futures Trading Commission)
Source: U.S. Commodity Futures Trading Commission
Published by GSM · USA (original Chinese edition)
Photo: 图：位于华盛顿的美国商品期货交易委员会总部入口（Three Lafayette Centre）。Dclemens1971 摄，CC BY 4.0，经 Wikimedia Commons（GSM 联邦固定图库）。 / Photo: Entrance of the CFTC headquarters at Three Lafayette Centre in Washington, D.C. Photo by Dclemens1971, CC BY 4.0, via Wikimedia Commons (GSM federal fixed library).
