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Eurex
1. Introduction
With this circular, Eurex Deutschland informs that SMI® Futures (FSMI) no longer qualify as an eligible foreign security futures product (FSFP) under the terms of the SEC’s 2009 Order governing U.S. tradability of FSFPs (2009 SEC Order).
2. Required action
All Eurex Participants that have open positions in SMI® Futures in U.S. accounts should either close out such positions or transfer such positions in a manner that is compliant with the 2009 SEC Order and Commodity Exchange Act by 1 May 2023.
3. Details
In Eurex Circular 105/21, Eurex Deutschland announced its offering of foreign security futures products (FSFPs) for trading by eligible U.S. customers pursuant to U.S. Securities and Exchange Commission (SEC) and U.S. Commodity Futures Trading Commission (CFTC) rules. This circular provided that all trading of Eurex FSFPs for U.S. accounts must comply with the terms of the circular, the 2009 SEC Order, and the Commodity Exchange Act.
Additionally, the circular provided that Eurex Deutschland maintains a list of FSFPs that it believes comply with the 2009 SEC Order’s eligibility test, which is updated on a monthly basis and which is not intended to be exhaustive. It is available on the Eurex website www.eurex.com under the path:
Rules & Regs > Eurex derivatives in the U.S. > Eligible foreign security futures products under 2009 SEC Order and Commodity Exchange Act
Eurex Deutschland has determined that, under its current calculations, SMI® Futures no longer satisfy the 2009 SEC Order’s eligibility test and has removed SMI® Futures from the above-mentioned list of eligible FSFPs.
All Eurex Participants that have open positions in SMI® Futures in U.S. accounts should close out such open positions or transfer them in a manner that is compliant with the 2009 SEC Order and Commodity Exchange Act by 1 May 2023.
Eurex Deutschland wishes to remind any Eurex Participant that trades FSFPs listed on Eurex Deutschland for U.S. accounts that it does not undertake to issue circulars each time an FSFP transitions between Eligible and Ineligible but is providing this notice for SMI® Futures due to the interest in the contract.
U.S. Persons should consult with their legal and other advisors if they have questions about whether they may trade FSFPs listed on Eurex Deutschland. Any eligible U.S. customer wishing to trade FSFPs should consult with their eligible intermediary.
Further information
Recipients: | All Trading Participants of Eurex Deutschland and Vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com or Rachna Mathur, rachna.mathur@eurex.com, Equity and Index Sales America, tel. +1 212 309 93 08 | |
Related circular: | Eurex Circular 105/21 | |
Web: | www.eurex.com | |
Authorized by: | Randolf Roth |
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