RegAlert1998-06-03 | CFTC Staff Letter 98-41Added · Updated
CFTC Staff Letter 98-41: No-Action Letter for OM Stockholm AB OMX Stock Index Futures Contract
The Commission will not take enforcement action under Sections 2(a)(1)(B)(v), 4(a), or 12(e) of the Commodity Exchange Act regarding the offer and sale in the United States of the standardized futures contract based on the OMX Stock Index traded on OM Stockholm AB. This relief applies to OM Stockholm, a wholly-owned subsidiary of OM Gruppen authorized by the Swedish Financial Supervisory Authority, provided the contract remains fungible with the previously relieved OMLX exchange contract and complies with all Swedish regulatory requirements. The determination relies on the contract's cash settlement mechanism, its broad-based composition of unaffiliated Swedish issuers, and established surveillance sharing arrangements with the Stockholm Stock Exchange.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centra
Nils-Robert Persson
President
OM Stockholm AB
Brunkebergstock 2
Box 16305.
1 03 26 Stockholm
Sweden
1155 21st Street, NW, Washington, DC 20581
Telephone: {202) 418-5000
Facsimile: (202) 418-5521
June 3, 1998
Re: OM Stockholm AB Request for No-Action Letter for Futures Contract Based on the OMX Stock Index Dear Mr. Persson:
This is in response to letters and facsimiles dated from October 30, 1996 through February 6, 1998 requesting that the Office of the General Counsel of the Commodity Futures Trading Commission ("Commission") issue a 1 'no-action" letter concerning the offer and sale in the United States of the OM Stockholm AB ("OM Stockholm") standardized futures contract based on the OMX Stock Index ("OMX Index" or "lndex"). 1 Your request has been forwarded to the Commission for a response. 1 The request was submitted solely with regard to the standardized futures contract based on the OMX Index. By letter dated July 23, 1996, the Office of the General Counsel granted no-action relief to OMLX, The London Securities and Derivatives Exchange Limited ("OMLX exchange") concerning the offer and sale in the United States of its futures contract based on the OMX Index and the OMX Index Flex futures contract. The OM Stockholm standardized futures contract based on the OMX Index is fungible with the OMLX exchange's standardized OMX Index futures contract which was the subject of the General Counsel's July 23rd letter. We understand that both the OM Stockholm and the OMLX exchange are wholly-owned subsidiaries of OM Gruppen.
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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
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.