SEC Division of Trading and Markets no-action letter: Eurex

2000 PENNSYLVANIA AVENUE, N.W.
WASHINGTON, D.C. 20006-1 80 1
(202) 974- 1500
FACS lM l LE
(202) 974- I999
WWW CLEARYGOlTLlEB COM
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1040 BRUSSELS
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LONDON ECZV 5EU
PAVELETSKAYA SOUARE 213
I ISO5A MOSCOW
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6031 1 FRANKFURT AM MAIN
THEO0OR.HEUSS-RING 8
50668 COLOGNE
PIAZZA Dl SPAGNA I5
00187 ROME
VIA SAN PAOLO 7
20121 MILAN
BANK OF CHINA TOWER
ONEGAROENROAD
HONG KONG
SI( N KASUMIGASERI BUILDING
3 2 RASUMIGASEK 3.CHOME
CHIYODARU. TORI0 1000013
J EUGENE MARANS
DANIEL B SILVER
RICHARD DEC HINDS
SENtOR COUNSEL
KENNETH L BACHMAN
SARA D SCHOTLANO
JOHN S MAGNEY
MARK LEDDY
JOHN C MURPHY JR
DAVID M BECKER
GEORGE S CARY
JANET L WELLER
MITCHELL S DUPLER
LINDA J SOLDO
JOHN T BYAM
MATTHEW D SLATER
MlCHAEL R LAZERWITZ
DAVID I GELFANO
MICHAEL A MAZZUCHI
ROBERT W COOK
MARK W NELSON
ROBlN M BERGEN
DEREK M BUSH
PAUL D MAROUARDT
BRIAN BVRNE
RESIDENT PARTNERS
Y RICHARD BIDSTRUP
SCOTT N WENEDICT
KEVIN A GRIFFIN
MITCHELL L RABINOWITZ
STEVEN J KAISER
COUNSEL
JOYCE E McCARTY
KAREN A KERR
SCOTT R GOODWIN
SENIOR ATTORNEYS
NEIL P ASHAR
MATTHEW I BACHRACK
LEE F BERGER
MATTHEW J BERMAN
CATHERINE A BERNARD
PATRICR R BOCK
PETER E BOlVlN
KIERSTEY L WOVCE
LEAH BRANNON
JOANNE C BYARS
JEREMYCALSYN
KATHERINE M CARROLL'
SHAWN J CHEN'
FARAH F COOK
SEAN D COREY
ALISON J DAIS
LARRY C OEMBOWSRI
M&CRUI DOSTOURIAN.
CARL EDMAN
NlCUS S ERICSSON'
OARIAN M FUTRELL
ERIK F GEROING
ERIC n HILDENBRAND.
MEGHAN A IRMLER
CHANTAL E I(0RDULA'
MEETU KAUL
DINAH R KNIGHT
BRENT LATTIN'
JOHN R LOATMAN
JELENA MADIR
MUTHEU MAITHA
LEE ANN A MCCALL
PATRICIA M MCOERUOTT
AMY E McFARLANE
JOHN P USGILL JR
MARY A MCLAUGHLIN.
ADAM J MILLER
JANET P MORRIS
JENNIFER A MORRlSSEl
ANNE NEWTON.
ANDREW K NIEBLER
JONATHAN L H NVGREN
CHINWE OKASI'
NICHOLAS R OLMSTED'
JAMES C OWENS
PAUL PASTERNA<
HELEN M PATAKI
SUZANNE8 PERRY
BROOK G ROSENBAUM
TAMARA 0 SCHMIDT
OMAR SERAGELDIN
ILIA SHAPIRD
SARA STAINBACK
JOSHUA 8 STERLING
SARAH G TEN SIETROFF
PETIA VRETENAROVA
MARK J WOODWARO
ASSOCl*7ES
ADMITTED ONLY TO A BAR OTHER THAN THAT OF
THE DlSTRlCT OF COLUMBIA WORKING UNDER THE
SUPERVISION OF PRINCIPALS OF THE WASHINGTON OFFlCE July 22,2005 Ms. Elizabeth K. King Associate Director, Division of Market Regulation Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Dear Ms. King:
We are writing on behalf of our clients Eurex Deutschland ("Eurex"); Eurex Frankfiut AG ("Eurex Frankfurt"), the operating company of Eurex; Eurex Ziirich AG ("Eurex Ziirich"), the holding company of Eurex Frankfurt; Eurex Clearing AG ("Eurex Clearing"), the clearing agency of Eurex; and Deutsche Borse AG ("DBAG"), the operator of a representative office in Chicago from which information concerning Eurex will be made available in the United States as described in this letter,' to request your confirmation that, based on the terms and conditions stated in this letter, and in view of similar relief previously granted by the Division of Market Regulation (the "Division") to other non-U.S. exchanges,2 the Division will not --- - I See the discussion under "Background," below, for further background on the relationship among these entities. 2 See SEC No-Action Letter to EDX London Limited and OM London Exchange Limited, available Oct. 23, 2003; SEC No-Action Letter to Tokyo Stock Exchange, available November 15,2002; SEC No-Action Letter to Parisbourse SA, available Dec. 6, 1999; SEC No-Action Letter to Tokyo Stock Exchange, available July 27, 1999; SEC No-Action Letter to Osaka Securities Exchange, available July 23, 1999; SEC No-Action Letter to MONEP SA, available Oct. 26, 1998; SEC No-Action Letter to Borsa Italiana S.p.A., available Sept. 1, 1998; SEC No-Action Letter to Societe de Compensation des Marches Conditionnels, available June 17, 1996; SEC No-Action Letter to
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