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| | Eurex: No-action Letter dated July 27, 2005 |
 | | Eurex is a fully electronic derivatives exchange that provides Eurex participants with decentralized and standardized access from access points located in Finland, France, Germany, the Netherlands, Spain, Switzerland, the United Kingdom, and the United States. |
 | | You represent that the Eurex trading system will not be made available for the trading of any Options, including trading by U.S. Eurex participants that currently trade futures and futures options pursuant to the relief granted by the CFTC in its 1999 Letter. |
 | | Eurex has a single category of exchange membership which is limited to entities that: (i) enter into Options (and/or futures) transactions (A) for their own accounts or (B) in their names for the accounts of third parties; and (ii) are organized business entities (i.e., natural persons are not permitted to become participants in Eurex). |
| www.sec.gov /divisions/marketreg/mr-noaction/eurex072705.htm (4280 words) |
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