Showing posts with label FOREIGN BOARD OF TRADE. Show all posts
Showing posts with label FOREIGN BOARD OF TRADE. Show all posts

Thursday, May 2, 2013

NGX NOW PERMITTED TO PROVIDE MEMBERS IN U.S. WITH DIRECT ACCESS TO TRADING SYSTEM

FROM: U.S. COMMODITY FUTURES TRADING COMMISSION

CFTC Issues Order of Registration for the Natural Gas Exchange Inc.

Washington, DC
— On May 2, 2013, the Commodity Futures Trading Commission issued an Order of Registration to the Natural Gas Exchange Inc. (NGX), a foreign board of trade located in Calgary, Alberta, Canada. Under the Order, NGX is permitted to provide its identified members or other participants located in the U.S. with direct access to its electronic order entry and trade matching system. The Order is the first issued by the Commission pursuant to Part 48 of the Commission’s regulations, which provide that such an Order may be issued to a foreign board of trade that possesses, among other things, the attributes of an established, organized exchange and that is subject to continued oversight by a regulator that provides comprehensive supervision and regulation that is comparable to the supervision and regulation exercised by the Commission. NGX submitted an application for registration that included, among other things, representations that NGX and its regulatory authority, the Alberta Securities Commission, satisfy the requirements for registration set forth in regulation 48.7. Commission staff, in reviewing the application, found that NGX has demonstrated its ability to comply with the requirements of the Act and applicable Commission regulations thereunder. Accordingly, the Commission granted NGX an Order of Registration to permit NGX to provide direct access, subject to the terms and conditions specified in the Order, to its identified members or other participants located in the U.S. The terms and conditions applicable to the Order include, among others, that NGX shall comply with the applicable conditions of registration specified in Commission regulation 48.8 and any additional conditions that the Commission deems necessary and may impose, and that NGX shall fulfill each of the representations it made in support of the application for registration. NGX has operated in the U.S. as an Exempt Commercial Market (ECM), under then current section 2(h)(5) of the Commodity Exchange Act, since November 5, 2002, and has been registered as a derivatives clearing organization since 2008.

Search This Blog

Translate

White House.gov Press Office Feed