The Commodity Futures Trading Commission has granted no-action relief to BM&F Bovespa S.A. – Bolsa de Valores, Mercadorias e Futuros, the Brazilian derivatives exchange (BM&F), to permit direct electronic access to BM&F’s electronic trading and order matching system (GTS) to U.S. persons without BM&F’s designation as a contract market. The no-action relief applies to (i) persons located in the U.S. who are authorized by the Chicago Mercantile Exchange to access GTS through a Globex terminal, (ii) registered futures commission merchants (FCMs) who enter orders directly in GTS for their proprietary account or on behalf of U.S. customers, and (iii) authorized customers of an FCM or Rule 30.10 Firm that have been authorized by an entity with access rights to BM&F (as well as such entity’s BM&F clearing member, who must agree to guarantee and assume certain responsibilities with respect to the customer’s activities) to enter orders directly into GTS.