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CFTC issues order of registration for Singapore Exchange Derivatives Trading Limited

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The US CFTC has issued an Order of Registration to the Singapore Exchange Derivatives Trading Limited (SGX-DT), a Foreign Board of Trade located in Singapore. 

Under the Order, SGX-DT is permitted to provide its identified members or other participants located in the US with direct access to its electronic order entry and trade matching system to trade equity index, interest rate, commodity and foreign exchange futures and options contracts.

The Commission issued the Order in accordance with Part 48 of the Commission’s regulations, which provides that such an Order may be issued to a foreign board of trade that possesses, among other things, the attributes of an established, organised exchange and that is subject to continued oversight by a regulator that provides comprehensive supervision and regulation that is comparable to the supervision and regulation exercised by the Commission.

SGX-DT submitted an application for registration that included, among other things, representations that its regulatory regime under its regulatory authority, the Monetary Authority of Singapore, satisfies the requirements for registration in regulation Commission 48.7. In accordance with Commission regulation 48.6, the staff no-action relief under which SGX-DT currently permits trading by direct access is withdrawn upon the issuance of the Order.

Upon review of the application, the Commission has determined that SGX-DT has demonstrated its ability to comply with the requirements of the applicable Commission regulations. Accordingly, the Commission granted SGX-DT an Order of Registration to permit it to provide direct access to its identified members or other participants located in the US, subject to the terms and conditions specified in the Order. The terms and conditions applicable to the Order include, among others, that SGX-DT shall comply with Commission regulation 48.8, Conditions of Registration, and any additional conditions that the Commission deems necessary and may impose, after appropriate notice and opportunity to respond. SGX-DT shall also continue to fulfil each of the representations it made in support of the application for registration.

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