Application of onExchangeSM Board of Trade, Inc. for Designation as a Contract Market in Five Year U.S. Treasury Note Futures Contracts

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OnExchange SM Board of Trade, Inc. ("ONXBOT" or "Exchange") has applied for designation as a contract market for the automated trading of Five Year U.S. Treasury Note futures contracts on its electronic trading system, onTrade SM . The Exchange has not previously been approved by the Commodity Futures Trading Commission ("Commission") as a contract market in any commodity. Accordingly, in addition to the terms and conditions of the proposed futures contract, ONXBOT has submitted to the Commission proposed bylaws and rules pertaining to ONXBOT membership, governance, trading standards, disciplinary and arbitration procedures, and various other materials necessary to meet the requirements for a board of trade seeking initial designation as a contract market, including a description of its trade-matching algorithm. ONXBOT's submission also includes various proposed bylaws and rules of the onExchange SM Clearing Corporation ("ONXCC"), an affiliate that would be responsible for clearing and settlement functions for the Exchange. Acting pursuant to the authority delegated by Commission Regulation 140.96, the Division of Economic Analysis and the Division of Trading and Markets ("the Divi