Published On: Mon, Mar 12th, 2012

CFTC Certification Received for Nikkei 225 VI Futures

Osaka Securities Exchange Co., Ltd. (OSE) is pleased to announce that the U.S. Commodity Futures Trading Commission (CFTC) has certified under CFTC Rule 30.13 that the Nikkei Stock Average Volatility Index Futures (Nikkei 225 VI Futures) may be offered or sold to U.S. persons, as of March 10, 2012 (U.S. EST). OSE had requested this certification of the CFTC in order to expand investor bases of Nikkei 225 VI Futures launched on Monday, February 27, 2012.

Under this new procedure, on the same day, Nikkei 225 VI Futures Contract may be offered or sold to persons located in the U.S.

Meanwhile, under the new procedure, OSE futures contracts on non-U.S. non-narrow-based security indexes*1 for which an OGC No-Action Letter previously has been granted are deemed to be in compliance with applicable legal requirements*2 and may continue to be offered and sold to persons located in the U.S.

*1 OSE has already received the No-Action Letters for the following index futures contracts from the CFTC.
– Nikkei Stock Average Futures Contract (as of January 16, 1992)
– Nikkei Stock Index 300 Futures Contract (as of May 17, 1994)
– MSCI Japan Index Futures Contract (as of February 14, 2003 (currently suspended))
– Russell/Nomura Prime Index Futures Contract (as of March 16, 2005)
– Nikkei 225 mini Contract (as of July 10, 2006)

*2 The CFTC recently replaced the former procedure of issuing No-Action Letters permitting the offer or sale of futures contracts on non-U.S. non-narrow-based security indexes to persons located in the U.S. with a new certification procedure. Under this new procedure, a non-U.S. non-narrow-based security index will be deemed to be in compliance with the requirements of the U.S. Commodity Exchange Act (CEA) at the conclusion of the CFTC’s review of the contract.

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