WASHINGTON (HedgeWorld.com)–The Commodity Futures Trading Commission requested public comment on a request from The Clearing Corp., Chicago, that it be permitted the first stage of a link with Eurex Clearing AG.
Phase one of this new link, a move that follows up on the CFTC’s designation earlier this year of Eurex U.S. as a designated contract market, will mean if approved that U.S. customers of Eurex U.S., also known as the U.S. Futures Exchange LLC, would be able to clear through Clearing Corp. futures and options traded on Eurex Frankfurt AG. That would give them access to derivatives on the German Bund, Bobl and Schatz, as well as on the German stock market index DAX and Dow Jones Euro STOXX 50.
The Clearing Corp. made its formal request for approval on April 26 in a letter prepared by its counsel, Mayer, Brown, Rowe & Maw, LLP, Chicago. The letter contended that the CFTC has in other instances “granted relief comparable to that which is being requested” now, and cited a mutual offset system established between the Chicago Mercantile Exchange and the Singapore International Monetary Exchange, which was approved by the CFTC staff in an interpretive letter, 1984.