On March 6, the Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter to the Tokyo Financial Exchange, Inc. (TFX) allowing TFX to grant direct access to its electronic trading and order matching system (LIFFE CONNECT®) to TFX members in the U.S. without TFX first being designated as a contract market or derivative transaction execution facility by the CFTC. The no-action relief allows TFX to grant direct access to TFX members in the U.S. that: (i) trade for their own account; (ii) are registered futures commission merchants (FCMs), or are exempt from registration pursuant to CFTC Rule 30.10 (Rule 30.10 Firms), and submit orders for U.S. customers to the trading system for execution; (iii) are registered commodity pool operators (CPOs) or commodity trading advisors (CTAs), or are exempt from such registration under CFTC Rules4.13 or 4.14, and submit orders on behalf of pools they operate or for U.S. customer accounts over which they have discretionary authority (respectively), provided that an FCM or Rule 30.10 Firm acts as clearing firm and guarantees all such trades of the CPO or CTA through the trading system; or (iv) are registered FCMs or Rule 30.10

Firms that accept orders through the automated order routing system from U.S. customers for transmission to the trading system.