On June 1st, the CFTC's Division of Market Oversight issued a letter granting no-action relief to permit the Osaka Securities Exchange Co., Ltd. ("OSE"), to make its electronic trading and order matching system, the OSE Trading System ("OSE TS"), available to OSE Transaction Participants ("OSE TPs") in the U.S. without obtaining contract market designation or registration as a derivatives transaction execution facility. The relief applies to OSE TPs trading for their own accounts; OSE TPs who are registered as futures commission merchants, or who are exempt from such registration, submitting orders from or on behalf of U.S. customers to the OSE-TS for execution, or accepting orders for U.S. customers transmitted via automated order routing systems for transmission to the OSE-TS; and OSE TPs who are registered as Commodity Pool Operators ("CPO") or Commodity Trading Advisors ("CTA"), or who are exempt from such CPO or CTA registration, submitting orders to the OSE-TS on behalf of U.S. pools they operate or U.S. customer accounts for which they have discretionary authority, respectively, provided that an FCM or Rule 30.10 Firm acts as clearing firm and guarantees without limitation all such trades of the CPO or CTA effected through submission of orders on the OSE-TS. CFTC Letter No. 11-02.