With the nationwide launch of trading yesterday of Novig's federally regulated sports prediction market exchange, Tölt Strategies LLC, a leading regulatory strategy and compliance consulting firm, announced its role in advising and assisting Novig in achieving its status from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM). Novig, through its wholly owned exchange, is now able to operate as a federally regulated prediction market, expanding nationwide under a single regulatory framework.
Novig's DCM application process and approval were among the fastest in CFTC history.
Dorothy D. DeWitt, founder and CEO of Tölt Strategies and former CFTC Director of the Division of Market Oversight overseeing registration and regulation of DCMs, said the Tölt team worked closely with Novig executives to recruit exceptional independent board members and staff; advise on building systems, processes, controls and staffing to comply with the CFTC requirements; introduce the team to the Commission; prepare and file the application, and respond to CFTC questions during the process. She said Tölt is proud to have introduced Novig to the exchange's public board members – Gary DeWaal and Bonnie Litt – both seasoned experts in the law and regulation of futures who will play an ongoing role in governance of Novig.
Elie Mishory, Chief Regulatory and Legal Affairs Officer of Novig, said: "Dorothy and the Tölt team provided critical strategy, tactics, operational know-how and relationships that helped us get approved in record time as well as operate with best practices going forward. Their ability to speak the language of the CFTC and deep understanding of the nuances in this industry enabled us to put into place the processes, systems and governance that have positioned us for success as we embark on this new chapter."
DeWitt said: "Congratulations to Novig on the launch of its DCM sports prediction marketplace. We were honored to play a role in its swift approval by the CFTC and introduction to partners that support the exchange in meeting its obligations. We laud Novig's dedication to customer protection by limiting trading to those age 21 and older. Novig has achieved two critical and challenging milestones: achieving CFTC approval in record time, and thereafter successfully launching the exchange."
