North America
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| United States |
NYMEX is recognized as a designated contract market and a
derivatives clearing organization by the CFTC and is authorized to conduct
business in the United States for both floor trading and electronic trading.
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| Canada –
Alberta |
NYMEX has obtained a legal opinion confirming
that NYMEX is not required to seek relief in order to offer direct access
to NYMEX's products electronically from Alberta. This access is limited
to "Market Participants" defined by the Alberta Securities Commission
("ASC") since the Alberta Securities Commission ("ASC")
does not consider NYMEX to be operating as an exchange within Alberta's
borders. Therefore, market participants located in Alberta can access and
trade NYMEX products electronically.
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Central America &
Caribbean
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| Bermuda |
The Bermuda Monetary Authority provided written confirmation
in March 2002 that no formal approval was required for users located in
Bermuda to access NYMEX electronic trading screens.
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British Virgin Islands
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The Financial Services Commission ("FSC") confirmed
on September 4, 2006 that currently there are no FSC regulations requiring
licensing or authorization for a "company carrying out the business
activities of foreign exchanges and platforms and the offer of such services
to companies within the Territory." However, users should periodically
check this page for updates as the regulator is considering implementing
legislation that would regulate these activities.
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South America
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Europe
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Belgium
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In a letter dated January 13, 2006 the Banking,
Finance, and Insurance Commission confirmed that no registration is required
for NYMEX to place electronic trading screens in Belgium as there are no
"implementing regulations relating to the functioning of non-regulated
markets organized in Belgium" at this time.
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Cyprus
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The Cyprus Securities Commission ("CySEC")
informed NYMEX on January 26, 2006 that there are no requirements for giving
direct access of NYMEX electronic trading screens to "qualified users"
in Cyprus since this "lie[s] outside the scope of legislation in Cyprus
regulating the capital market."
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Czech Republic
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In a letter dated December 5, 2005 the Czech
Securities Commission confirmed that because NYMEX will not have a physical
presence and will restrict access of its electronic trading screens to investment
firms that no notification is required.
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Finland
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In a letter dated May 2, 2006, the offices of financial
supervision in Finland (Rahoitustarkastus Finansinpektionen) confirmed that
the Finnish securities markets legislation does not stipulate any authorization
or other legal requirements on making a derivative exchange's or its
clearing organization's electronic trading systems available for end-users
in Finland but, some regulations might change when phase II of the MiFID
directive becomes effective.
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France
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NYMEX was advised by outside counsel on January
4, 2006 and confirmed by the Autorité des Marchés Financiers
(AMF) that the AMF's original recognition and approval of the trading
model for NYMEX ACCESS and NYMEX ClearPort Trading & Clearing in 1991
is still applicable and in good standing.
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Gibraltar
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The Financial Services Commission confirmed
on December 9, 2005 that there are no licensing or regulatory requirements
for users accessing the NYMEX electronic trading systems in Gibraltar who
are primarily "own account traders or investment firms trading on
behalf of clients.
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| Guernsey |
In a letter dated January 3, 2006 the Guernsey Financial
Services Commission confirmed that NYMEX does not require a license to allow
users located in Guernsey to trade electronically, and therefore has authorization
to permit such trading, since this does not constitute "carrying on,
or holding themselves out as carrying on, any controlled investment business
in the Bailiwick of Guernsey" in accordance with the Protection of
Investors Law section 1.
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Iceland
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The Financial Supervisory Authority (FME) confirmed
in a letter dated January 24, 2006 that providing access to electronic trading
systems in Iceland does not constitute operating as an exchange in Iceland.
Therefore no authorization is required for members accessing the electronic
trading systems in Iceland. The FME has defined members as those "who
have obtained approval from NYMEX or NEL, having the appropriate regulatory
status in the jurisdiction where the member is based.
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Ireland
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On March 3, 2006 the IFSRA confirmed that there
are no requirements for a non-Irish exchange to obtain regulatory approval
in order to provide direct access to users in Ireland for its electronic
trading platforms.
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Latvia
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In a letter dated December 14, 2005 the Financial and Capital
Market Commission confirmed that there are no legal requirements or notification
procedures for organizers of regulated markets registered in other jurisdictions
to offer their services to regulated service providers in Latvia.
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Luxembourg
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NYMEX received confirmation from the Commission
de Surveillance du Secteur Financier ("CSSF") on May 8, 2006
that offering electronic trading of NYMEX products to traders located in
Luxembourg "is not considered free provision of services" and
as a result, an application for authorization is not necessary.
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Malta
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The Malta Financial Services Authority confirmed on December
9, 2005 that according to sec. 4(1)(a) of the Financial Markets Act NYMEX
is not required to gain recognition as an investment exchange and therefore
does not require any registration or notification in order for NYMEX to
offer electronic trading services to qualified participants in Malta.
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Monaco
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In a letter dated May 15, 2006 The Department
of Finance confirmed that there is no regulatory body or legislation that
restricts access to electronic trading within Monaco.
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Norway
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In a letter dated December 8, 2005 and confirmed
by counsel, the electronic trading activities in Norway do not fall within
the scope of the Norwegian Stock Exchange Act of 2000; therefore no formal
authorization by the Ministry of Finance is required.
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| Poland |
On February 2, 2006 NYMEX received confirmation that under
Article 38.2.6 of the Act on Commodity Exchanges there are no legal restrictions
on offering access to qualified users from Poland. However, intermediaries
who conduct brokerage activities in the purchase and sale of commodities
as described in Article 2.2 (d, e) of the Act must receive authorization
from the Commission to conduct such brokerage activities. Additionally the
publishing of market quotes as well as mass marketing targeted at persons
in Poland is prohibited.
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Slovenia
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The Securities Market Agency confirmed in a
letter dated December 6, 2005 that the offering of electronic trading services
offered by a regulated market in accordance with Investment Services Directive
(93/22/ECC) does not need to obtain specific approval from the Agency.
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Switzerland
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NYMEX received a decision from the Secretariat
of the Swiss Federal Banking Commission on August 6, 2003 authorizing NYMEX
to exercise activity as a foreign stock exchange and admit duly authorized
Swiss securities dealers in accordance with the Federal Act on Stock Exchanges
and Securities Trading as members.
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United Kingdom
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NYMEX is recognized by the FSA as an overseas
investment exchange and is therefore authorized to have terminals within
the U.K.
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Asia
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China
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NYMEX has received advice that a user wishing to have direct
access to the electronic trading of Exchange products from China may do
so if they have an account with a recognized exchange clearing member firm
that is approved by the CSRC in China.
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Hong Kong
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NYMEX successfully completed the application
and obtained authorization on March 1, 2004 from the Hong Kong Securities
and Futures Commission to provide direct access for electronic trading services
to market users in Hong Kong for products listed on NYMEX ACCESS® or
NYMEX ClearPort® Trading in accordance with Part III of the Securities
and Futures Ordinance. The Exchange is currently seeking extension of this
approval to Exchange products listed for trading on the CME Globex®
system.
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Japan
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The Japanese Ministry of Economy, Trade, and
Industry has confirmed that NYMEX is permitted to offer direct access to
electronic trading to Japanese-based users located within Japan.
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Korea
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The Financial Supervisory Service ("FSS"), pursuant
to Article 51 of the Futures Trading Act, does not require NYMEX obtain
approval to offer direct access to electronic trading of its products to
users in Korea. However, a user wishing to access NYMEX products electronically
must do so through an entrustment with a futures company that is recognized
and approved by the FSS in Korea.
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Malaysia
|
The Securities Commission of Malaysia confirmed, by letter
dated June 27, 2006, that "Section 102 of the Futures Industry Act
1993 ("FIA") allows for Malaysian-licensed futures brokers to
trade in futures contracts on specified exchanges outside Malaysia. The
Minister of Finance has prescribed NYMEX as a Specified Exchange since 2005."
Contracts that are permissible for trade within Malaysia include:
- Futures: Light Sweet Crude Oil, Unleaded Gasoline, Henry
Hub Natural Gas, Brent Crude Oil, Heating Oil, Palladium, Gold, Silver,
and Copper
- Options: Light Sweet Crude Oil, Heating Oil, Henry Hub Natural
Gas, Platinum, Unleaded Gasoline, Gold, and Silver.
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Russia
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NYMEX has been advised that currently there are no regulatory
limitations or requirements regarding the provision of direct access to
electronic trading for users within Russia. Therefore, users wishing to
access Exchange products electronically within Russia are permitted to
do so. It is suggested, however, that users check this web site periodically
for any changes that may take place in the future.
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Singapore
|
On July 1, 2004, the Monetary Authority of Singapore,
pursuant to regulation 45 of the Securities and Futures (Markets) Regulations,
has granted approval for NYMEX to provide direct access to electronic trading
for users in Singapore, noting that the Exchange is recognized as a trading
system provider in Singapore.
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Middle East
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Dubai Int. Fin Centre
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On April 17, 2006, the Dubai Financial Services Authority
granted NYMEX, in the first such notice of recognition issued by the agency,
the necessary recognition to operate as an exchange within the Dubai International
Financial Centre (DIFC) and so to provide direct access to electronic trading
for users in the DIFC.
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| Africa
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Oceana
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New Zealand
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NYMEX has been advised that there are currently no licensing
requirements for NYMEX to offer its products for electronic trading to users
in New Zealand.
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