CFTC Staff Letter 06-14: No-Action Relief for Osaka Securities Exchange Co. Ltd. Mini Futures Contract on Nikkei 225

The Office of General Counsel will not recommend enforcement action against Osaka Securities Exchange Co., Ltd. for offering or selling its mini futures contract based on the Nikkei 225 Stock Average Index in the United States. This decision confirms that the contract meets the Commodity Exchange Act criteria for cash settlement, non-susceptibility to manipulation, and broad-based index status. The relief is contingent upon OSE's continued compliance with Japanese regulatory requirements and its ability to maintain surveillance cooperation with the CFTC.

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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5120
Facsimile: (202) 418-5524
Office of General Counsel

CFTC letter No. 06-14
July 10, 2006
No-Action
Office of General Counsel

Tina Woo, Esq.
Clifford Chance US LLP
31 West 52nd Street
New York, NY 10019-6131
Re: Osaka Securities Exchange Co., Ltd.’s Request for No-Action Relief in Connection with the Offer and Sale in the United States of its Mini Futures Contract Based on the Nikkei 225 Stock Average Index Dear Ms. Woo:
This is in response to letters, attachments, facsimiles and electronic mail dated from September 29, 2005 to April 26, 2006, requesting on behalf of your client, the Osaka Securities Exchange Co., Ltd. (“OSE”), that the Office of General Counsel (“Office”) of the Commodity Futures Trading Commission (“Commission” or "CFTC") issue a “no-action” letter concerning the offer and sale in the United States (“U.S.”) of OSE’s mini futures contract based on the Nikkei 225 Stock Average Index (“Nikkei 225” or “Index”).1

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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works