Notice to Members
Notice No. 64 02/01/2006
NYMEX Supports CFTC Decision to Review ICE Status
The New York Mercantile Exchange, Inc. (NYMEX), is pleased that the Commodity Futures Trading Commission (CFTC) has determined to evaluate the use of the no-action process in light of the significant issues raised by the Intercontinental Exchange, Inc. (ICE) proposal. NYMEX recently expressed to the CFTC its concerns about the plans of ICE to list the domestic West Texas Intermediate (WTI) crude oil futures contract on its wholly-owned, foreign futures exchange, pursuant to a CFTC staff no-action letter permitting the trading of foreign futures on foreign terminals placed in the United States. NYMEX raised significant regulatory and policy issues, including the use of the foreign terminals no-action relief to list a contract with substantial U.S. participation for trading electronically in the U.S. without CFTC designation as a contract market, and requested that the CFTC carefully consider the implications of the ICE proposal.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com