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®: CRE Regulatory Action of the Week

CFTC Proposes New Reporting Requirements For Electronic Trading Facilities
The Commodities Future Trading Commission has proposed new rules governing reporting and disclosure of information by electronic trading facilities that rely on the exemption in section 2(h)(3) of the Commodity Exchange Act. Section 2(h)(3) generally exempts from CFTC jurisdiction certain transactions conducted on electronic commercial markets. In order to rely on the exemption, an electronic trading facility must provide the CFTC with certain information and comply with specified information access provisions. The CFTC is proposing rules that would require trading facilities relying on the exemption "to provide for access to more relevant and useful information." The CFTC is also proposing rules "that would require those electronic trading facilities that operate in reliance on the exemption...and that perform a significant price discovery function for transactions in the underlying cash market to publicly disseminate certain specified trading data." The CFTC states in its Federal Register notice that its proposed rules "do not appear" to be subject the Paperwork Reduction Act. That statement is subject to debate. Comments are due January 26, 2004.
  • Click for the for proposed CFTC rules.