2011-06-01 | CFTC Staff Letter 11-02

Added 2026-09-18 · Updated 2026-09-22

CFTC Staff Letter 11-02: No-Action Relief for Osaka Securities Exchange Direct Access

The CFTC Division of Market Oversight grants no-action relief to the Osaka Securities Exchange Co., Ltd. (OSE), permitting its electronic trading system to be available to Transaction Participants located in the United States without OSE seeking designation as a contract market or registration as a derivative transaction execution facility. The relief applies to Remote Transaction Participants that are U.S.-located, authorized for direct access, and meet specific registration or exemption criteria as Futures Commission Merchants, commodity pool operators, or commodity trading advisors. This interim relief allows OSE to offer direct access to five broad-based stock index futures contracts while final regulations regarding the registration of foreign boards of trade are pending.

US Federal

Commodity Futures Trading Commission

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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5260
Facsimile: (202) 418-5527 www.cftc.gov
Division of
Market Oversight
CFTC Letter No. 11-02
No-Action
June 1, 2011
Division of Market Oversight
Wilmer Cutler Pickering Hale and Dorr, LLP
1875 Pennsylvania Avenue, NW
Washington, DC 20006
Re: Osaka Securities Exchange Co., Ltd. Request for No-Action Relief from Contract Market Designation and Derivatives Transaction Execution Facility Registration Requirements Dear Mr. Architzel:
This is in response to your letter dated February 10, 2010 to the Division of Market Oversight (Division) of the Commodity Futures Trading Commission (CFTC or Commission).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