Application of BrokerTec Futures Exchange, L.L.C. for Designation as a Contract Market in U.S. Treasury Note and U.S. Treasury Bond Futures Contracts

摘要

BrokerTec Futures Exchange, L.L.C. ("BTEX" or "Exchange") has applied for designation as a contract market for the automated trading of futures contracts on short-term U.S. Treasury Notes (2 Year), medium-term U.S. Treasury Notes (5 Year), long-term U.S. Treasury Notes (6\1/2\-10 Year), and U.S. Treasury Bonds (15-30 Year) on an electronic trading system, the BrokerTec Execution Capability ("BTEC") trading system. 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 four proposed futures contracts, BTEX has submitted to the Commission a proposed trade-matching algorithm; proposed bylaws and rules pertaining to BTEX membership, governance, trading standards and disciplinary and arbitration procedures; and various other materials to meet the requirements for a board of trade seeking initial designation as a contract market. BTEX's submission also includes various proposed bylaws and rules of the BrokerTec Clearing Company, L.L.C. ("BCC"), an affiliate that would be responsible for clearing and settlement functions for the Exchange. Act