CME Group released the following statement regarding the Commodity Futures Trading Commission's (CFTC) position on the exchange of futures for futures (EFFs):
"We have been assured by the Commission that CBOT's rules respecting block trading and improper trade practices remain in full force and effect and must be enforced. The Commission has not required CBOT to accept block trades that violate those rules or to accept block trades that otherwise violate CBOT trade practice rules. CBOT and CME clearing have not been directed to accept directions from ELX or any of its members to transfer open positions.
"We are confident that CBOT is operating in strict compliance with all of the Core Principles. We believe, that upon full consideration, the Commission will agree that Core Principle 18 is directed at conduct which is considered to be anticompetitive under the antitrust laws and that CBOT's rules do not facilitate any anticompetitive activity. Antitrust laws do not require us to take action to enable new entrants to take advantage of our substantial investments in innovation and marketing through which we have developed deep liquidity, broad customer relationships and distribution networks and established a world-class central counterparty clearing systems."
