TO:                 Chief Executive Officers                                                                                #23-01
                       Chief Operations Officers
                       Chief Compliance Officers

DATE:             October 30, 2023
 

SUBJECT:       Ontario-Based Market Participants 

As previously advised in the Financial and Regulatory Bulletin dated January 14, 2014, in accordance with the terms of exemptive relief issued by the Ontario Securities Commission (“OSC”) dated April 6, 2018, as varied and restated on March 11, 2021 and May 11, 2023 (the “Order”), CME, CBOT, NYMEX and COMEX (collectively, the “Exchanges”) are providing this notification to all Clearing Members. Under the terms of the Order, Clearing Members that provide access to trading for Order-Routing Clients that are Ontario Participants may grant such access, subject to compliance with the following conditions:

(i) The Order-Routing Client must be a registered futures commission merchant (“FCM”) under the Commodity Futures Act, R.S.O. 1990, Chapter c.20, as amended (the “CFA”);

(ii) The Clearing Member must be a registered FCM under the CFA; or

(iii) The Clearing Member must be regulated as a “dealer” (as defined in subsection 1(1) of the CFA) in its home jurisdiction and the Order-Routing Client is a Hedger (defined in subsection 1(1) of the CFA) or is able to rely on another exemption from registration under the CFA.

A copy of the Order is available on the OSC’s website. Please direct questions regarding this bulletin to the following email address: InternationalLegalRegulatoryTeam@cmegroup.com. 

¹ Indirect access by Ontario Participants to the trading systems and facilities of the Exchanges, via CME Globex, may be facilitated via an order-routing arrangement between the Ontario Participant and a Clearing Member whereby orders of the Ontario Participant, as client of the Clearing Member, are routed through the Clearing Member onto an Exchange (each an “Order-Routing Client”).