New rule, same battle by ProQuest


The battle between the CME Group and ELX Futures looked to get a lot more interesting in October when the CFTC approved ELX's Exchange of Futures for Futures (EFF) rule, which would allow market participants to trade positions in two different Designated Contract Markets, basically swapping Treasury futures from one clearinghouse to another. ELX disputed the CME interpretation in a letter to the CFTC, stating that the Rule Interpretation sets forth the purported right of the CME and its CBOT subsidiary to subject the CME's clearing members to rule enforcement actions should they offer for clearing to the CME's clearinghouse EFF trades that are executed and submitted in accordance with a duly approved rule.

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