CFTC No-Action Letter 00-21: MONEP Exchange Futures Contracts on Dow Jones STOXX 50 and EURO STOXX 50 Indices

00-21

CFTC Letter No. 00-21
February 29, 2000
No-Action
Office of General Counsel
Jane Kang Thorpe, Esq.
Brown & Wood LLP
1666 K Street, N.W.
Washington, D.C. 20006-1208
Re: No-Action Request to Permit the Offer and Sale in the U.S. of Futures Contracts on the Dow Jones STOXX 50 Index and Dow Jones EURO STOXX 50 Index Traded on MONEP Dear Ms. Thorpe:
This is in response to your letters and facsimiles dated from June 5, 1998 through July 14, 1999 requesting that the Office of the General Counsel of the Commodity Futures Trading Commission ("Commission" or "CFTC") issue a "no-action" letter concerning the offer and sale in the United States (the "U.S.") of the MONEP Exchange's futures contracts based on the Dow Jones STOXX 50 Index ("STOXX 50 Index") and the Dow Jones EURO STOXX 50 Index ("EURO STOXX 50 Index") (collectively "Indices"). We understand the facts to be as follows. The MONEP Exchange ("MONEP") is a subsidiary of PARISBOURSE SA, an entity formed on June 1, 1999, from the merger of four market operators, MONEP SA, SBF-Paris Bourse ("SBF"), MATIF SA, and La Société du Nouveau Marché ("SNM"). Although the merger consolidated management, surveillance, clearing, and guarantee functions of these markets, they remain separate with distinct rules and memberships.1 MONEP is located in France and is regulated by the Commission des Operations de Bourse ("COB"), which has general responsibility for ensuring the proper functioning of French financial markets. On February 26, 1998, SBF-Paris Bourse entered into a joint venture with Deutsche Börse, file:///S|/Website%20Management/LegacyDataCopyasof2010-04-21/tm/letters/00letters/tm00-21.htm (1 of 7) [5/6/2010 6:18:23 PM]