Page 22 - 期貨和衍生品行業(yè)監(jiān)管動態(tài)(2024年9月刊)
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期貨和衍生品行業(yè)監(jiān)管動態(tài)
The Commodity Futures Trading Commission today issued an order filing and
settling charges against Nasdaq Futures, Inc., formerly a designated contract market
(DCM). The order finds Nasdaq Futures, Inc. failed to properly establish, monitor, or
enforce rules related to an incentive program Nasdaq Futures, Inc. offered to certain
traders on its DCM. The order also finds Nasdaq Futures, Inc. did not fully disclose
this incentive program’s details to the CFTC or the public consistent with the
requirements of the Commodity Exchange Act (CEA) and Commission Regulations.
In addition, the order finds Nasdaq Futures, Inc. made false and misleading statements
to the CFTC regarding the incentive program. The order requires Nasdaq Futures, Inc.
to pay a $22 million civil monetary penalty.
“The CFTC’s oversight regime depends upon CFTC-designated exchanges
providing the CFTC and market participants accurate information,” said CFTC
Director of Enforcement Ian McGinley. “Nasdaq Futures, Inc.’s conduct here
represents significant violations of both its duty to provide such information and
several statutory Core Principles applicable to CFTC-designated exchanges.”
Case Background
The order finds from July 2015 through July 2018, Nasdaq Futures, Inc. operated
as a DCM focused on energy commodity futures contracts. Nasdaq Futures, Inc.
offered various incentive programs to certain traders on its contract market, including
its “Designated Market Maker” (DMM) program. The DMM program, as disclosed to
the CFTC and the public, paid a fixed monthly stipend to market makers. However,
Nasdaq Futures, Inc. also made payments to a select number of DMM program
participants that were based on the total volume of contracts those participants traded;
this volume-based component was not disclosed to the CFTC, as required by the CEA
and associated regulations. In fact, Nasdaq Futures, Inc.’s rule submissions to the
CFTC regarding its incentive programs omitted or explicitly denied the existence of a
volume-based incentive as part of the DMM program. In addition, when interviewed
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