# CFTC Letter No. 08-11: Euronext Paris SAs request for no-action relief in connection with the offer and sale in the United States of its futures contracts based on the FTSE EPRA/NAREIT Europe Index and the FTSE EPRA/NAREIT Euro Zone Index

> Federal · Agency guidance · In force

URL: https://www.frixlaw.com/law-library/statutes/CFTC_L08_11

## Section

- **Citation:** CFTC Letter No. 08-11
- **Heading:** Euronext Paris SAs request for no-action relief in connection with the offer and sale in the United States of its futures contracts based on the FTSE EPRA/NAREIT Europe Index and the FTSE EPRA/NAREIT Euro Zone Index
- **Jurisdiction:** Federal
- **Kind:** Agency guidance
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** CFTC Staff Letters (2008-present) / Euronext Paris SAs request for no-action relief in connection with the offer and sale in the United States of its futures contracts based on the FTSE EPRA/NAREIT Europe Index and the FTSE EPRA/NAREIT Euro Zone Index.

## Text

Summary: Euronext Paris SAs request for no-action relief in connection with the offer and sale in the United States of its futures contracts based on the FTSE EPRA/NAREIT Europe Index and the FTSE EPRA/NAREIT Euro Zone Index.

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5120
Facsimile: (202) 418-5524

Office of General Counsel

CFTC Letter No. 08-11
July 10, 2008
No-Action
Office of the General Counsel

Gilles Clerc
Deputy Director, Market Operations
Euronext.liffe
Cannon Bridge House
1 Cousin Lane
London EC4R 3XX United Kingdom

Re:
Euronext Paris SA’s Request for No-Action Relief in Connection with the Offer
and Sale in the United States of its Futures Contracts Based on the FTSE
EPRA/NAREIT Europe Index and the FTSE EPRA/NAREIT Euro Zone Index

Dear Mr. Clerc:

This is in response to your letters, attachments, facsimiles and electronic mail dated from
September 17, 2007 to February 1, 2008, requesting on behalf of Euronext Paris SA (“Euronext
Paris”), that the Office of General Counsel (“Office”) of the Commodity Futures Trading
Commission (“Commission” or "CFTC") issue a “no-action” letter concerning the offer and sale
in the United States of Euronext Paris’s futures contracts based on the FTSE EPRA/NAREIT
Europe Index (“FTSE EPRA/NAREIT Europe”) and the FTSE EPRA/NAREIT Euro Zone Index
(“FTSE EPRA/NAREIT Euro Zone”) (collectively, “Indices”).

We understand the facts to be as follows. Euronext Paris is the French securities and
derivatives exchange ultimately owned by NYSE Euronext, the holding company that became
the parent company of NYSE Group, Inc. and Euronext, N.V
he FTSE EPRA/NAREIT
Europe Index (“FTSE EPRA/NAREIT Europe”) and the FTSE EPRA/NAREIT Euro Zone Index
(“FTSE EPRA/NAREIT Euro Zone”) (collectively, “Indices”).

We understand the facts to be as follows. Euronext Paris is the French securities and
derivatives exchange ultimately owned by NYSE Euronext, the holding company that became
the parent company of NYSE Group, Inc. and Euronext, N.V. and their subsidiaries, on April 4,
2007.1 Euronext Paris is operated by Euronext.liffe, the international derivatives business of
Euronext, N.V., comprising derivatives markets in Amsterdam, Brussels, Lisbon, London and
Paris, which share a common electronic trading platform, LIFFE CONNECT®. Euronext Paris
includes a derivatives segment, the MONEP, upon which the futures contracts on the Indices are
listed and traded. The contracts are cleared by LCH.Clearnet SA, which provides clearing
services for the Euronext.liffe markets. Euronext Paris is subject to regulation by the Autorité

1 This Office recently issued a no-action letter to Euronext Paris confirming that no-action relief
granted to LIFFE Administration and Management, another NYSE Euronext subsidiary, extends
to futures contracts on the FTSEurofirst 80 Index and FTSEurofirst 100 Index traded on
Euronext Paris. See CFTC Staff Letter No. 07-03, [2005-2007 Transfer Binder] Comm. Fut. L.
Rep. (CCH) ¶ 30,457 (Mar. 5, 2007).
fice recently issued a no-action letter to Euronext Paris confirming that no-action relief
granted to LIFFE Administration and Management, another NYSE Euronext subsidiary, extends
to futures contracts on the FTSEurofirst 80 Index and FTSEurofirst 100 Index traded on
Euronext Paris. See CFTC Staff Letter No. 07-03, [2005-2007 Transfer Binder] Comm. Fut. L.
Rep. (CCH) ¶ 30,457 (Mar. 5, 2007).

2
des marchés financiers (“AMF”), an independent public agency in France responsible for
regulating and overseeing French financial markets.2

Both the FTSE EPRA/NAREIT Europe and FTSE EPRA/NAREIT Euro Zone are broad-
based, free-float-market-capitalization-weighted, total-return security indices composed of real
estate securities, either shares of real estate investment trusts (“REITs”) or real estate companies,
that are listed and traded in Europe. As of August 31, 2007, the FTSE EPRA/NAREIT Europe
included 101 stocks from 16 European countries,3 and the FTSE EPRA/NAREIT Euro Zone
included 48 stocks from 10 Euro Zone countries.4 Each of the Indices represents a subset of the
FTSE EPRA/NAREIT Global Real Estate Index Series®, which is designed to represent general
trends in eligible listed real estate securities worldwide. The subject Indices include only real
estate securities that are listed and traded on eligible markets in Europe and the Euro Zone,
respectively.5 The management of FTSE acts as the compiler of the Indices, and is responsible
for their day-to-day management. The FTSE EPRA/NAREIT Europe Index Advisory
Committee acts as an advisory body for the compiler and as a supervisor of the Indices, and
reviews the Indices on a quarterly basis in March, June, September and December.6 Real estate

2 See letter from Gilles Clerc, Deputy Director, Market Operations, Euronext.liffe, to Julian E.
Hammar, Assistant General Counsel, CFTC, dated October 4, 2007, at 2; see generally, NYSE
Euronext Amendment No
and as a supervisor of the Indices, and
reviews the Indices on a quarterly basis in March, June, September and December.6 Real estate

2 See letter from Gilles Clerc, Deputy Director, Market Operations, Euronext.liffe, to Julian E.
Hammar, Assistant General Counsel, CFTC, dated October 4, 2007, at 2; see generally, NYSE
Euronext Amendment No. 1 to Form 10-K, dated May 1, 2007.

3 Countries represented in the FTSE EPRA/NAREIT Europe are Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Norway, Poland, Spain,
Sweden, Switzerland and the United Kingdom. See FTSE EPRA/NAREIT Europe Index
Factsheet, available at:
.

4 Countries represented in the FTSE EPRA/NAREIT Euro Zone are Austria, Belgium, Finland,
France, Germany, Greece, Italy, Luxembourg, the Netherlands, and Spain. See FTSE
EPRA/NAREIT Euro Zone Index Factsheet, available at:

5 To be included, a company must have derived in the previous full financial year at least 75
percent of its earnings before interest, taxes, depreciation and amortization from relevant real
estate activities in Europe. An eligible REIT must be a closed-end company listed on an official
stock exchange. See letter from Mr. Clerc to Mr. Hammar, dated October 4, 2007, Attachment
2, Ground Rules for the Management of the FTSE EPRA/NAREIT Global Real Estate Index
Series®, version 2.8, July 2007, Ground Rule 5.8.

6 Stocks eligible for inclusion in the Indices are subject to three “screens”: size, liquidity and
free float
REIT must be a closed-end company listed on an official
stock exchange. See letter from Mr. Clerc to Mr. Hammar, dated October 4, 2007, Attachment
2, Ground Rules for the Management of the FTSE EPRA/NAREIT Global Real Estate Index
Series®, version 2.8, July 2007, Ground Rule 5.8.

6 Stocks eligible for inclusion in the Indices are subject to three “screens”: size, liquidity and
free float. A stock is eligible for inclusion in the Indices if its investable market capitalization is
equal to or greater than 0.10% of the regional index market capitalization, and it has a turnover
of at least 0.05% of the shares in issue based on its median daily trade per month. An existing
constituent will be excluded from the Indices if its investable market capitalization is less than

3
stocks can be added to or deleted from the Indices outside of the quarterly review in certain
circumstances.7

Based on data supplied by Euronext Paris, the total adjusted market capitalization of the
FTSE EPRA/NAREIT Europe was approximately U.S. $179 billion, and of the FTSE
EPRA/NAREIT Euro Zone was approximately U.S. $82 billion, as of August 31, 2007.8 The
largest single security by weight represented 10.93% of the FTSE EPRA/NAREIT Europe and
23.82% of the FTSE EPRA/NAREIT Euro Zone. The five most heavily-weighted securities
represented 37.28% of the FTSE EPRA/NAREIT Europe and 47.58% of the FTSE
EPRA/NAREIT Euro Zone. The stocks comprising the lowest 25% of the FTSE
EPRA/NAREIT Europe and FTSE EPRA/NAREIT Euro Zone each had six-month aggregate
dollar values of average daily trading volume in excess of U.S. $30 million: approximately U.S.
$236 million and U.S. $96 million, respectively, for the 6-month period ending August 31,
2007.9 The Indices are calculated in real time and disseminated every 15 seconds from 8:00 a.m.
to 4:30 p.m. (U.K. time) to various information vendors, including Bloomberg and Reuters.10

Euronext Paris’s futures contracts on the Indices began trading on October 1, 2007
0 million: approximately U.S.
$236 million and U.S. $96 million, respectively, for the 6-month period ending August 31,
2007.9 The Indices are calculated in real time and disseminated every 15 seconds from 8:00 a.m.
to 4:30 p.m. (U.K. time) to various information vendors, including Bloomberg and Reuters.10

Euronext Paris’s futures contracts on the Indices began trading on October 1, 2007. With
the exception of the index underlying each contract, the terms and conditions of the contracts are
identical. Both contracts provide for cash settlement. Prices are quoted in index points, with
each index point equal to 10 euros per contract. The minimum price fluctuation is half of one
index point, equal to 5 euros per contract. Euronext Paris lists for trading the three nearest
months of the March quarterly cycle. The last trading day of the contracts is the third Friday of

0.05% of the regional index market capitalization, and it has a turnover less than 0.04% of the
shares in issue based on its median daily trade per month. The weighting of a component
security is affected by free float restrictions, such that the market capitalization for each security
may be reduced depending on the proportion of the total number of shares that is restricted. Free
float restrictions include: trade investments in an index constituent either by another constituent
(i.e., cross-holdings) or by a non-constituent company or entity; significant long-term holdings
by founders, their families and/or directors; employee share plans (if restricted); government
holdings; foreign ownership limits; and portfolio investments subject to a lock-in clause, for the
duration of that clause. See id. Ground Rule 6
nts in an index constituent either by another constituent
(i.e., cross-holdings) or by a non-constituent company or entity; significant long-term holdings
by founders, their families and/or directors; employee share plans (if restricted); government
holdings; foreign ownership limits; and portfolio investments subject to a lock-in clause, for the
duration of that clause. See id. Ground Rule 6.

7 These circumstances include the case of a new issue, delisting, bankruptcy, insolvency,
liquidation, merger, takeover, spin-off, or suspension of dealing. See id. Ground Rule 7.

8 See letter from Mr. Clerc to Mr. Hammar, dated October 4, 2007, at Attachment 1
(spreadsheet). Both Indices are denominated in euros (“€”). The exchange rate on August 31,
2007, was €/U.S.$ 1.3633.

9 Id. at 1-2 and Attachment 1 (spreadsheet).

10 See id., Attachment 2, Appendix 5, and letter from Giles Clerc, Deputy Director, Market
Operations, Euronext.liffe to Julian E. Hammar, Assistant General Counsel, CFTC, dated
December 11, 2007, at 1.

4
the expiration month (in the event that the third Friday is not a business day, the last trading day
is the last business day preceding the third Friday). Cash settlement occurs on the first business
day after the last trading day, based on the “Exchange Delivery Settlement Price” (“EDSP”).
The EDSPs for the contracts are calculated based on the closing level of the relevant index on the
last trading day.11

The Commodity Exchange Act (“CEA”),12 as amended by the Commodity Futures
Modernization Act of 2000 (“CFMA”),13 provides that the offer or sale in the U.S
curs on the first business
day after the last trading day, based on the “Exchange Delivery Settlement Price” (“EDSP”).
The EDSPs for the contracts are calculated based on the closing level of the relevant index on the
last trading day.11

The Commodity Exchange Act (“CEA”),12 as amended by the Commodity Futures
Modernization Act of 2000 (“CFMA”),13 provides that the offer or sale in the U.S. of futures
contracts based on a group or index of securities, including those contracts traded on or subject
to the rules of a foreign board of trade, is subject to the Commission's exclusive jurisdiction,14
with the exception of security futures products,15 over which the Commission shares jurisdiction
with the Securities and Exchange Commission (“SEC”).16 Thus, the Commission’s jurisdiction
remains exclusive with regard to futures contracts on a group or index of securities that are
broad-based pursuant to CEA Section 1a(25).17

CEA Section 2(a)(1)(C)(iv) generally prohibits any person from offering or selling a
futures contract based on a security index in the U.S., except as permitted under CEA Section
2(a)(1)(C)(ii) or CEA Section 2(a)(1)(D).18 By its terms, CEA Section 2(a)(1)(C)(iv) applies to
futures contracts on security indices traded on both domestic and foreign boards of trade. CEA
Section 2(a)(1)(C)(ii) sets forth three criteria to govern the trading of futures contracts on a group

11 See letter from Gilles Clerc, Deputy Director, Market Operations, Euronext.liffe, to Julian E.
Hammar, Assistant General Counsel, CFTC, dated September 17, 2007, at 6. A circuit breaker
may be activated for each contract if a market imbalance leads to the suspension of trading in a
number of stocks that together represent more than 75% of the capitalization of the relevant
index. A complete list of contract specifications for both contracts is available on Euronext’s
website, .

12 7 U.S.C. § 1 et seq.

13 Appendix E of Pub. L
, at 6. A circuit breaker
may be activated for each contract if a market imbalance leads to the suspension of trading in a
number of stocks that together represent more than 75% of the capitalization of the relevant
index. A complete list of contract specifications for both contracts is available on Euronext’s
website, .

12 7 U.S.C. § 1 et seq.

13 Appendix E of Pub. L. No. 106-554, 114 Stat. 2763 (2000).

14 See CEA Section 2(a)(1)(C)(ii).

15 A security futures product is defined as a security future or any put, call, straddle, option, or
privilege on any security future. See CEA Section 1a(32). A security future is defined as a
contract of sale for future delivery of a single security or of a narrow-based security index,
including any interest therein or based on the value thereof, with certain exceptions. See CEA
Section 1a(31).

16 See CEA Section 2(a)(1)(D).

17 See CEA Section 2(a)(1)(C)(ii).

18 CEA Section 2(a)(1)(D) governs the offer and sale of security futures products.

5
or index of securities on designated contract markets and registered derivatives transaction
execution facilities (“DTEFs”):

(1)
the contract must provide for cash settlement;

(2)
the contract must not be readily susceptible to manipulation nor to being used to
manipulate any underlying security; and

(3)
the group or index of securities must not constitute a narrow-based security
index.19

While Section 2(a)(1)(C)(ii) provides that no contract market or DTEF may trade a
security index futures contract unless it meets the three criteria noted above, it does not explicitly
address the standards to be applied to a foreign security index futures contract traded on a foreign
board of trade. This Office has applied those same three criteria in evaluating requests by
foreign boards of trade to allow the offer and sale within the U.S
tract market or DTEF may trade a
security index futures contract unless it meets the three criteria noted above, it does not explicitly
address the standards to be applied to a foreign security index futures contract traded on a foreign
board of trade. This Office has applied those same three criteria in evaluating requests by
foreign boards of trade to allow the offer and sale within the U.S. of their foreign security index
futures contracts when those foreign boards of trade do not seek designation as a contract market
or registration as a DTEF to trade those products.20

Accordingly, Commission staff has examined the FTSE EPRA/NAREIT Europe and the
FTSE EPRA/NAREIT Euro Zone, and Euronext Paris’s respective futures contracts based
thereon, to determine whether the Indices and the futures contracts meet the requirements

19 The first two criteria under CEA Section 2(a)(1)(C)(ii) were unchanged by the CFMA. With
regard to the third criterion, an index is a “narrow-based security index” under both the CEA and
the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78a et seq., if it has any one
of the following four characteristics: (1) it has nine or fewer component securities; (2) any one
of its component securities comprises more than 30% of its weighting; (3) the five highest
weighted component securities in the aggregate comprise more than 60% of the index’s
weighting; or (4) the lowest weighted component securities comprising, in the aggregate, 25% of
the index’s weighting, have an aggregate dollar value of average daily trading volume of less
than $50 million (or in the case of an index with 15 or more component securities, $30 million).
See CEA Section 1a(25)(A)(i)-(iv); Exchange Act Section 3(a)(55)(B)(i)-(iv). Thus, an index
that does not have any of these elements is not a narrow-based security index for purposes of
CEA Section 2(a)(1)(C)(ii). See also CEA Section 1a(25)(B); Exchange Act Section
3(a)(55)(C)
g volume of less
than $50 million (or in the case of an index with 15 or more component securities, $30 million).
See CEA Section 1a(25)(A)(i)-(iv); Exchange Act Section 3(a)(55)(B)(i)-(iv). Thus, an index
that does not have any of these elements is not a narrow-based security index for purposes of
CEA Section 2(a)(1)(C)(ii). See also CEA Section 1a(25)(B); Exchange Act Section
3(a)(55)(C).

20 With regard to the third criterion, the CFTC and SEC jointly promulgated Rule 41.13 under
the CEA and Rule 3a55-3 under the Exchange Act, governing security index futures contracts
traded on foreign boards of trade. These rules provide that “[w]hen a contract of sale for future
delivery on a security index is traded on or subject to the rules of a foreign board of trade, such
index shall not be a narrow-based security index if it would not be a narrow-based security index
if a futures contract on such index were traded on a designated contract market or registered
derivatives transaction execution facility.” CFTC Rule 41.13, 17 C.F.R. § 41.13; Exchange Act
Rule 3a55-3, 17 C.F.R. § 240.3a55-3.

6
enumerated in CEA Section 2(a)(1)(C)(ii). Based on the information noted herein and as set
forth in the letter, attachments, facsimiles and electronic mail cited above, we have determined
that the Indices, and Euronext Paris’s respective futures contracts based thereon, conform to
these requirements.21

In determining whether a foreign futures contract based on a foreign security index is not
readily susceptible to manipulation or being used to manipulate any underlying security, one
preliminary consideration is the requesting exchange’s ability to access information regarding
the securities underlying the index. As noted above, all of the component securities in the
Indices are listed on European exchanges. Euronext-listed securities account for approximately
29% of the market capitalization of the FTSE EPRA/NAREIT Europe and 61% of the FTSE
EPRA/NAREIT Euro Zone
, one
preliminary consideration is the requesting exchange’s ability to access information regarding
the securities underlying the index. As noted above, all of the component securities in the
Indices are listed on European exchanges. Euronext-listed securities account for approximately
29% of the market capitalization of the FTSE EPRA/NAREIT Europe and 61% of the FTSE
EPRA/NAREIT Euro Zone. You represent that Euronext cash market operations can share
surveillance information directly with Euronext Paris and Euronext.liffe for these securities.22

For those component securities not listed on Euronext markets, surveillance information
may be obtained directly from the relevant exchanges upon request, or indirectly through the
AMF, which has information-sharing arrangements with the regulators of all exchanges
represented in the Indices. Specifically, you state that under the Markets in Financial
Instruments Directive (“MiFID”) of the European Union, there is a duty for European Union
country regulators to cooperate, governed by Articles 56 and 59 of the MiFID directive, and the
AMF has been appointed as the contact point in France for such information-sharing requests. In
addition, the AMF and all the other regulators of the countries represented in the Indices, with
the exception of Switzerland, are signatories to the Committee of European Securities
Regulators’ Memorandum of Understanding (known as the FESCO MOU), through which
surveillance information may be shared. The AMF also has entered into a bilateral cooperation
agreement with Switzerland.23 Thus, Euronext Paris should have access to information
necessary to detect and deter manipulation
with
the exception of Switzerland, are signatories to the Committee of European Securities
Regulators’ Memorandum of Understanding (known as the FESCO MOU), through which
surveillance information may be shared. The AMF also has entered into a bilateral cooperation
agreement with Switzerland.23 Thus, Euronext Paris should have access to information
necessary to detect and deter manipulation. In the event that Euronext Paris is unable to obtain
access to adequate surveillance data in this regard, or is unable to share such data with the CFTC,
this Office reserves the right to reconsider the position taken herein.24

21 In making this determination, Commission staff has concluded that the FTSE EPRA/NAREIT
Europe Index and the FTSE EPRA/NAREIT Euro Zone Index do not have any of the elements of
a narrow-based security index as enumerated in CEA Section 1a(25)(A). Accordingly, the
Indices would not be narrow-based security indices if traded on a designated contract market or
DTEF.

22 See letter from Mr. Clerc to Mr. Hammar, dated October 4, 2007, at 2.

23 See letter from Mr. Clerc to Mr. Hammar, dated December 11, 2007, at 2.

24 Euronext Paris represents that it is willing and able to share information in relation to its
contracts on the Indices under the terms and conditions defined in the Foreign Trading System
No-Action Relief granted to Parisbourse SBF SA, the predecessor of Euronext Paris, by CFTC
Staff in 1999. See letter from Mr. Clerc to Mr. Hammar, dated October 4, 2007, at 2; CFTC
Staff Letter No. 99-33 [1998-1999 Transfer Binder] Comm. Fut. L. Rep. (CCH) ¶ 27,746
(August 10, 1999). Under that arrangement, information which is not confidential will be
defined in the Foreign Trading System
No-Action Relief granted to Parisbourse SBF SA, the predecessor of Euronext Paris, by CFTC
Staff in 1999. See letter from Mr. Clerc to Mr. Hammar, dated October 4, 2007, at 2; CFTC
Staff Letter No. 99-33 [1998-1999 Transfer Binder] Comm. Fut. L. Rep. (CCH) ¶ 27,746
(August 10, 1999). Under that arrangement, information which is not confidential will be

7

In light of the foregoing, this Office will not recommend any enforcement action to the
Commission based on Sections 2(a)(1)(C)(iv), 4(a), or 12(e) of the CEA, as amended, if
Euronext Paris’s futures contracts based on the FTSE EPRA/NAREIT Europe and FTSE
EPRA/NAREIT Euro Zone are offered or sold in the U.S. Because this position is based upon
facts and representations contained in the letters, attachments, facsimiles and electronic mail
cited above, it should be noted that any different, omitted or changed facts or conditions might
require a different conclusion. This position also is contingent on the continued compliance by
Euronext Paris with all regulatory requirements imposed by the AMF, and the applicable laws
and regulations of France. In addition, this position may be affected by any rules that the
Commission may adopt regarding futures contracts based on non-narrow-based security indices.

Euronext Paris also has requested that, upon issuance of the no-action relief granted
herein, it be permitted to make its futures contracts based on the Indices available for trading
through its electronic terminals in the U.S
rance. In addition, this position may be affected by any rules that the
Commission may adopt regarding futures contracts based on non-narrow-based security indices.

Euronext Paris also has requested that, upon issuance of the no-action relief granted
herein, it be permitted to make its futures contracts based on the Indices available for trading
through its electronic terminals in the U.S. in accordance with the terms and conditions of the
foreign terminal no-action letter dated August 10, 1999, as amended (“August 10, 1999 letter”),
issued by Commission staff to Parisbourse SBF SA, the predecessor to Euronext Paris.25 In this
regard, Euronext Paris has certified that it is in compliance with the terms and conditions of the
August 10, 1999 letter and that the contracts on the Indices will be traded in accordance with the
terms and conditions of the August 10, 1999 letter.26 We have consulted with the Commission’s
Division of Market Oversight (“Division”), which is the Division in the Commission that
administers foreign terminal no-action letters. The Division has concluded that allowing
Euronext Paris to make its futures contracts on the Indices available for trading pursuant to the
August 10, 1999 letter would not be contrary to the public interest. Accordingly, on behalf of the
Division, this Office hereby confirms that the no-action relief granted to Euronext Paris in the
August 10, 1999 letter extends to Euronext Paris’s futures contracts based on the Indices.

provided directly to the CFTC by Euronext Paris, whereas any confidential information will be
provided to the CFTC via the Memorandum of Understanding dated June 6, 1990, between the
CFTC and the Commission des Opérations de Bourse (“COB”), now the AMF
provided directly to the CFTC by Euronext Paris, whereas any confidential information will be
provided to the CFTC via the Memorandum of Understanding dated June 6, 1990, between the
CFTC and the Commission des Opérations de Bourse (“COB”), now the AMF. Euronext Paris
also is a signatory to the International Information Sharing Memorandum of Understanding and
Agreement signed on March 15, 1996, at Boca Raton, Florida. In addition to the bilateral
information sharing arrangement between the Commission and the AMF, both the Commission
and the AMF are signatories to the Multilateral Memorandum of Understanding Concerning
Consultation and Cooperation and the Exchange of Information of the International Organization
of Securities Commissions (“IOSCO MOU”). The AMF, as successor to the COB, also is a
signatory to the Declaration on Cooperation and Supervision of International Futures Markets
and Clearing Organizations, signed on March 15, 1996, at Boca Raton, Florida.

25 See supra note 24, CFTC Staff Letter No. 99-33.

26 See letter from Mr. Clerc to Mr. Hammar, dated September 17, 2007, at 2.

8

The offer and sale in the U.S. of Euronext Paris’s futures contracts on the Indices is, of
course, subject to Part 30 of the Commission’s regulations, which governs the offer and sale of
foreign futures and foreign option contracts in the U.S.27

Sincerely,

Terry S. Arbit

General Counsel

27 See 17 C.F.R. Part 30.

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- [CFTC Letter No. 08-17 DCIO received a request for guidance from the Joint Audit Committee concerning FCM regulatory reporting requirements for investments in a money market mutual fund. The fund had announced that its net asset value per s...](https://www.frixlaw.com/law-library/statutes/CFTC_L08_17.md)
- [CFTC Letter No. 08-18 The Division of Market Oversight issued a letter granting no-action relief to permit the Brazilian Derivatives Exchange, BM&F Bovespa S.A. – Bolsa de Valores, Mercadorias e Futuros (BM&F), to make its electronic tradi...](https://www.frixlaw.com/law-library/statutes/CFTC_L08_18.md)
- [CFTC Letter No. 08-19 Thailand Futures Exchange Pcls Request for No-Action Relief in Connection with the Offer and Sale in the United States of its Futures Contract Based on the SET50 Index Futures Contract.](https://www.frixlaw.com/law-library/statutes/CFTC_L08_19.md)
- [CFTC Letter No. 08-21 The Division of Market Oversight issued a no-action letter to BNP Paribas confirming that the Division will not recommend that the Commission initiate enforcement action against BNP Paribas or Fortis Bank S.A./N.V., o...](https://www.frixlaw.com/law-library/statutes/CFTC_L08_21.md)
- [CFTC Letter No. 09-02 The Division of Clearing and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affi...](https://www.frixlaw.com/law-library/statutes/CFTC_L09_02.md)
- [CFTC Letter No. 09-06 The CPO of a commodity pool requested that DCIO agree to accept the Annual Report for the period from January 1, 2008 through October 31, 2008 as the Pool’s final annual report despite the fact that the Pool had not f...](https://www.frixlaw.com/law-library/statutes/CFTC_L09_06.md)
- [CFTC Letter No. 09-07 The CPO of a commodity pool with a de minimus amount of its assets embroiled in a bankruptcy requested relief from the ongoing reporting requirements under Part 4. The CPO filed an Annual Report for the Pool for the 2...](https://www.frixlaw.com/law-library/statutes/CFTC_L09_07.md)
- [CFTC Letter No. 09-11 The CPO of two commodity pools requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).](https://www.frixlaw.com/law-library/statutes/CFTC_L09_11.md)
- [CFTC Letter No. 09-13 The CPO of commodity pool requested relief to use IFRS in lieu of US GAAP. DCIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a).](https://www.frixlaw.com/law-library/statutes/CFTC_L09_13.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFTC_L08_11. Check the current official text before relying on it. Not legal advice.