Media Contact: Mary Chung
ELX Futures, L.P.
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ELX FUTURES SENDS LETTER TO CFTC SAYING CME STATEMENT ON EFFs MISLEADING
New York, January 27, 2010 – On Tuesday, January 26, 2010, the CME Group released a press release that contained several misleading statements which gave the impression that the threat of disciplinary action for using ELX's approved EFF rule was still in force notwithstanding the letter from CFTC Staff the prior day.
(ELX Letter to CFTC: http://www.elxfutures.com/getdoc/c325864c-6f6a-49b7-b05c-98ee89333cdf/CFTC-EFF-letter-012710_FINAL.aspx)
In a letter today to the CFTC, Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “The CME is saying that its ability to still prosecute its member firms is supported by the CFTC when in fact the letter invalidated the justification for prosecution.”
(CFTC Letter to CME: http://www.elxfutures.com/getdoc/41214997-3f65-4a58-ad8a-88efd5cfa5a8/CFTC-Letter-to-CBOT-Re-Rules-and-Interpretatio-(1).aspx)
Mr. Wolkoff further specified the basis for claiming the press release is materially misleading.
“The announcement mischaracterizes the EFF Rule and would reasonably be expected to confuse the market.
In concluding ELX Futures asked that “CME be required to post a corrective release to remove these misleading statements and cease chilling the marketplace in its use of the EFF Rule.”
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