CFTC Staff Letter 07-04: Confirmation of No-Action Relief for SSE's OMXS30 Futures Contract

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5120
Facsimile: (202) 418-5524 www.cftc.gov
Office of General Counsel
CFTC letter No. 07-04
April 17, 2007
No-Action
Office of General Counsel
Ms. Gila Mörée
Legal Counsel
OMX
Nordic Marketplaces
Stockholm Stock Exchange, Ltd.
SE-105 78 Stockholm, SWEDEN
Re: Request for No-Action Relief to Offer and Sell in the United States Stockholm Stock Exchange Ltd.’s Standardized Futures Contract Based on the OMXS30 Index Dear Ms. Mörée:
This letter is in response to your letter, attachments and electronic mail dated from December 21, 2006, to April 2, 2007, requesting on behalf of the Stockholm Stock Exchange, Ltd. (“SSE”), that the Office of General Counsel (“Office”) issue no-action relief to offer and sell in the United States SSE’s standardized futures contracts based on the OMXS30 Index (“OMXS30”).1 We understand that the OMXS30 is the same index concerning which this Office issued no-action relief for the offer and sale in the United States of futures contracts based thereon listed on OM Stockholm AB in 1998 (“1998 no-action relief”).2 The OMXS30 was then known as the OMX Stock Index. The new name reflects a name change of the index only. In addition, SSE is the same legal entity as OM Stockholm AB, to which the 1998 no-action relief was granted, but reflects a business name change. Finally, the terms and conditions of SSE’s standardized futures contract generally are identical to those that existed when this Office issued the 1998 no-action relief, except that the current contract provides for daily cash settlement, whereas the contract for which relief was issued was cash settled only upon expiration.3