Binance CUSTOMER SERVice Number @! The only service that will get much inside use is Instant Messenger. Several commenters believed that markets needs to be permitted to depend on third events,98 and one added that no situations ought to be imposed and third parties shouldn't be required to satisfy qualification requirements.Ninety nine One commenter believed, however, that the Commissions should create or designate one official source for any data used for purposes of figuring out market capitalization and dollar value of ADTV, not only for the top 750 and Top 675, but for all securities registered underneath Section 12.A hundred Upon careful consideration of the question, the Commissions have determined to not undertake any rules at this time that prohibit or place circumstances on the use of third parties or impose qualifications requirements on such third events. 3. Use of the top 750 and Top 675 Lists As famous above, commenters indicated that it would be difficult to always determine the highest 750 and Top 675 securities, and endorsed the idea that the Commissions publish an inventory of the top 750 and Top 675 securities. Any security that appears on both lists might be deemed to be one among the top 750 and Top 675 securities each day in the course of the interval wherein these lists are designated as relevant.
Paragraph (b) of the rule was proposed to offer a transition period for an index that was a slender-primarily based safety index and turned broad-based mostly for more than forty five days over three consecutive calendar months, allowing it to continue to be a slim-primarily based security index for the three following calendar months.135 To minimize disruption, paragraph (c) of the rule also was proposed to provide that a nationwide securities exchange may, following the transition interval, proceed to commerce solely in those months wherein the contract had open interest on the date the transition period ended and shall restrict trading to liquidating positions. Finally, the rules as adopted present, as in their proposed version, that if an index that has certified beneath the momentary exclusion subsequently assumes slim-primarily based characteristics for greater than 45 business days over three consecutive calendar months, it becomes a slender-based mostly safety index, and thus the future on it turns into a security future following an additional three-month grace interval. https://2819main.com/contents/%eb%b0%94%ec%9d%b4%eb%82%b8%ec%8a%a4-%ec%b6%9c%ea%b8%88-%ed%80%b4%ec%a6%88-%ea%b7%b8-%ea%b8%b0%eb%8a%a5%ec%9d%80-%eb%ac%b4%ec%97%87%ec%9d%b8%ea%b0%80%ec%9a%94/ of those commenters due to this fact advocated the adoption of a rule that might permit the trading of futures on such indexes on futures exchanges no less than by ECPs, within the absence of a individually crafted normal for foreign based security indexes to qualify as broad-primarily based indexes.129 Otherwise, they argued, the buying and selling of such futures would migrate to an unregulated enviornment.130 Two commenters noticed, on the other hand, that trading over-the-counter is more difficult and considerably dearer than on an exchange, and cited this fact as an argument to permit trading in such indexes on a futures exchange.131 3. Final Rules The Commissions are adopting Rule 41.13 underneath the CEA and Rule 3a55-3 underneath the Exchange Act132 as proposed.
The opposite commenter expressed the extra concern that under the principles as proposed, an exchange with plans to begin buying and selling a future on a broad-primarily based index would haven't any assurance, till the eve of the launch date, that actually the index had been broad-based mostly for day-after-day in the course of the previous 6 months.107 This commenter prompt that an exclusion as an alternative ought to be granted if the index merely was narrow-based mostly not more than 45 days over three months trying retroactively from the launch date. The Commissions imagine that this technique of taking a "snapshot" of the current lowest weighted 25% after which looking retroactively to find out the aggregate dollar worth of the ADTV over the preceding 6 months of the securities in the snapshot is an inexpensive method for the purposes of the statute and might be significantly less burdensome than the choice of requiring a calculation of the information for the lowest weighted 25% of the index for every day of the previous 6 full calendar months.87 5. Determining "the Preceding 6 Full Calendar Months" As already noted, the CEA and Exchange Act specify that the greenback value of ADTV and market capitalization are to be calculated as of the "preceding 6 full calendar months."88 Paragraph (d)(8) of CEA Rule 41.11 and Exchange Act Rule 3a55-1, being adopted at this time as proposed, defines "previous 6 full calendar months," with respect to a particular day, as the period of time starting on the same day of the month 6 months earlier than such day, and ending on the day previous to such day.89 For example, for August 16 of a particular yr, the previous 6 full calendar months means the period beginning February sixteen and ending August 15. Similarly, for March 8 of a specific 12 months, the previous 6 full calendar months begins on September 8 of the earlier 12 months and ends on March 7. The Commissions imagine that this "rolling" 6-month strategy is appropriate, significantly in light of issues that may come up if 6 full calendar months were measured from the first to the final day of each month on the calendar.
The Commissions note that the statute by its own terms requires 30 days of buying and selling as a broad-based mostly index before changes in an index's characteristics could also be tolerated. https://www.yasasiikuruma.com/contents/%eb%b0%94%ec%9d%b4%eb%82%b8%ec%8a%a4%ec%9d%98-%ed%8a%b9%eb%b3%84%ed%95%9c-%ec%a0%90%ec%9d%80-%eb%ac%b4%ec%97%87%ec%9d%b8%ea%b0%80%ec%9a%94/ suggested that if the underlying index had been slim-primarily based for at the very least six consecutive months previous to the initial trading of the safety index futures contract, however later grew to become a broad-based mostly index, there ought to be a presumption that the contract was offered as a narrow-based contract in good faith.137 As such, the rule should allow a grace interval of 9 months, as an alternative of three, for purposes of unwinding the contract, or the rule ought to enable the listing market to seek qualification as a chosen contract market in order to continue buying and selling the contract. In such case the index would continue to be handled for an interim grace period of three months as a narrow-based mostly contract. The final guidelines exclude from the definition of slim-based mostly safety index an index that satisfies considered one of three different necessities. The rule offering for the designation of lists is also intended to deal with another difficulty raised by the Commissions in the Proposing Release and remarked on by a number of commenters: How typically must the top 750 and Top 675 securities be recognized in an effort to verify that part securities of an index still could be included on such lists?