Market regulation · 24/03/1999

Access to Automated Boards of Trade

On July 24, 1998, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published in the Federal Register a ``concept release'' seeking public comment on issues related to permitting the use in the U.S. of automated trading systems providing access to electronic boards of trade otherwise primarily operating outside the U.S. Following its review of the comments received on the concept release, the Commission has determined to propose new rules concerning automated access to these boards of trade from within the U.S. The Commission is proposing herein a new Rule 30.11 that would establish a procedure for an electronic exchange operating primarily outside the U.S. to petition the Commission for an order that would permit use of automated trading systems that provide access to the board of trade from within the U.S. without requiring the board of trade to be designated as a U.S. contract market. If appropriate in light of the information provided in a petition, the Commission would issue an order under section 4(c) of the Commodity Exchange Act (``Act'' or ``CEA'') that would allow a member of the petitioner board of trade or an affiliate thereof to operate automated tr