Chicago Board of Trade gets DFSA's nod
Dubai, July 27, 2008
The Dubai Financial Services Authority (DFSA) has granted the Board of Trade of the City of Chicago (CBOT) the status of Recognised Body within the Dubai International Financial Centre (DIFC).
David Knott, chief executive of the DFSA, said: "This recognition will enable the Chicago Board of Trade to provide direct access to its commodities future markets in the United States by authorised customers operating within the DIFC."
Both CBOT and the Chicago Mercantile Exchange (CME) are wholly owned subsidiaries of CME Group. CME was granted Recognised Body status by the DFSA in December 2007.
DFSA is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai.
The Board of Trade of the City of Chicago, Inc, (CBOT), established in 1848, is a leading futures and futures-options exchange. More than 3,600 CBOT member/stockholders trade 50 different futures and options products at the CBOT by open auction and electronically. Volume at the Exchange in 2006 surpassed 805 million contracts, the highest yearly total recorded in its history.
A Recognised Body is an exchange, clearing house or settlement facility that operates in or from the DIFC without having a physical presence in the DIFC. A Recognised Body usually already operates in a jurisdiction located outside the DIFC. - TradeArabia News service