July 15, 2019

July 15, 2019

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CFTC Grants Registration to Two Foreign Boards of Trade

On June 1, the Commodity Futures Trading Commission issued Orders of Registration to BM&FFBOVESPA S.A. (BVMF) and Cleartrade Exchange Pte. Limited (Cleartrade), permitting the two Foreign Boards of Trade (FBOTs) to provide their identified members or other participants in the United States with direct access to their electronic order entry and trade matching systems.

BVMF is an FBOT located in São Paulo, Brazil. BVMF will offer direct access for futures and options contracts based upon interest rates, FX, securities and inflation indices, governmental bonds, and physical and energy commodities. BVMF previously offered access under a CFTC no-action letter.

Cleartrade is an FBOT that is wholly owned by the European Energy Exchange (EEX), and registered in Singapore. Cleartrade will offer direct access for futures and options contracts on freight, container, iron ore, steel, coal and fertilizer.

The CFTC press release is available here.

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
Associate

Timothy Kertland concentrates his practice on transactional, corporate and regulatory aspects of financial services matters. Timothy is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, and commodity trading advisers.

While in law school, Timothy served as an editor of the Virginia Tax Review. As a first-year law student, he represented the University of Virginia School of Law at the National Transactional LawMeets Competition.

312-902-5343