The three largest futures exchanges — the Chicago Board of Trade, the Chicago Mercantile Exchange and the New York Mercantile Exchange — issued a joint statement approving the Commodities Futures Trading Commission’s proposed rule changes in the listing of new futures contracts.
The proposed change in the approval process would require exchanges to file contract terms and conditions with the CFTC by close of business on the day prior to first listing the new contract. Contracts could expire up to one year from the month listed. The exchange would then have 45 days in which to file an application with the CFTC for trading the contract.
``By accepting that exchanges should have the ability to list contracts for trading without the delay of a lengthy regulatory approval process, the CFTC has taken a key first step to respond to the U.S. exchanges’ appeal for regulatory relief,’’ officials of the three exchanges said.
