January 26, 2021

Volume XI, Number 26

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January 25, 2021

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CFTC Issues Order of Registration to ICE Futures Abu Dhabi Limited to Permit Trading by Direct Access from the United States

On November 6, the Commodity Futures Trading Commission (CFTC) announced that it had issued an Order of Registration to ICE Futures Abu Dhabi Limited (IFAD), a Foreign Board of Trade (FBOT) incorporated in the Abu Dhabi Global Market and located in Abu Dhabi, United Arab Emirates. Under the order, IFAD’s members and other US participants will be permitted to enter orders directly into IFAD’s trade matching system. IFAD satisfied CFTC requirements for FBOT registration by demonstrating that:

  • it possesses the attributes of an established, organized exchange; and

  • it is subject to comprehensive oversight by its home country regulator whose supervision is comparable to that which the CFTC applies in its oversight of designated contract markets.

IFAD expects to begin trading the Murban crude oil futures contract on March 29, 2021.

A copy of the CFTC’s release is available here.

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©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 318
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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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Adam Haft is an associate in the Financial Services practice.

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