Binance CUSTOMER SERVice Number @! The one service that will get a lot internal use is Instant Messenger. Several commenters believed that markets needs to be permitted to depend on third events,98 and one added that no circumstances must be imposed and third parties shouldn't be required to meet qualification requirements.99 One commenter believed, nevertheless, that the Commissions should create or designate one official source for any data used for purposes of figuring out market capitalization and dollar worth of ADTV, not only for the highest 750 and Top 675, however for all securities registered underneath Section 12.100 Upon careful consideration of the question, the Commissions have determined not to adopt any rules right now that prohibit or place circumstances on the use of third events or impose skills requirements on such third events. 3. Use of the top 750 and Top 675 Lists As noted above, commenters indicated that it can be difficult to always determine the highest 750 and Top 675 securities, and endorsed the concept the Commissions publish an inventory of the top 750 and Top 675 securities. Any security that seems on both lists will be deemed to be considered one of the highest 750 and Top 675 securities every single day throughout the period wherein those lists are designated as relevant.
Paragraph (b) of the rule was proposed to provide a transition interval for an index that was a narrow-based mostly safety index and turned broad-primarily based for more than 45 days over three consecutive calendar months, allowing it to proceed to be a narrow-primarily based security index for the three following calendar months.135 To reduce disruption, paragraph (c) of the rule also was proposed to supply that a nationwide securities exchange may, following the transition interval, proceed to trade only in these months during which the contract had open interest on the date the transition period ended and shall limit buying and selling to liquidating positions. Finally, the principles as adopted provide, as in their proposed version, that if an index that has qualified underneath the temporary exclusion subsequently assumes narrow-based mostly characteristics for greater than 45 enterprise days over three consecutive calendar months, it becomes a slender-based safety index, and thus the future on it turns into a security future following an additional three-month grace period. https://trudawnsolutions.com/%EB%B0%94%EC%9D%B4%EB%B9%84%ED%8A%B8%20BTC%EC%99%80%20%EC%9E%90%EC%82%B0%EC%9D%84%20%EB%8A%98%EB%A6%AC%EB%8A%94%20%EB%B0%A9%EB%B2%95 of those commenters due to this fact advocated the adoption of a rule that will permit the trading of futures on such indexes on futures exchanges not less than by ECPs, within the absence of a separately crafted customary for overseas primarily based security indexes to qualify as broad-based mostly indexes.129 Otherwise, they argued, the buying and selling of such futures would migrate to an unregulated area.130 Two commenters observed, then again, that buying and selling over-the-counter is more difficult and considerably more expensive than on an exchange, and cited this reality as an argument to permit buying and selling in such indexes on a futures exchange.131 3. Final Rules The Commissions are adopting Rule 41.13 under the CEA and Rule 3a55-3 below the Exchange Act132 as proposed.
The other commenter expressed the additional concern that under the principles as proposed, an exchange with plans to begin buying and selling a future on a broad-based mostly index would don't have any assurance, till the eve of the launch date, that in reality the index had been broad-based mostly for every single day in the course of the preceding 6 months.107 This commenter steered 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 consider that this method of taking a "snapshot" of the present lowest weighted 25% after which wanting retroactively to find out the aggregate dollar worth of the ADTV over the previous 6 months of the securities within the snapshot is a reasonable method for the needs of the statute and will be considerably much less burdensome than the alternative of requiring a calculation of the information for the bottom weighted 25% of the index for every day of the preceding 6 full calendar months.87 5. Determining "the Preceding 6 Full Calendar Months" As already noted, the CEA and Exchange Act specify that the dollar worth 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 present as proposed, defines "preceding 6 full calendar months," with respect to a particular day, because the period of time starting on the same day of the month 6 months earlier than such day, and ending on the day prior to such day.89 For example, for August 16 of a selected year, the previous 6 full calendar months means the interval beginning February sixteen and ending August 15. Similarly, for https://jtswebsites.com/contents/%eb%b0%94%ec%9d%b4%eb%82%b8%ec%8a%a4-%ec%88%98%ec%88%98%eb%a3%8c-%ea%b5%ac%ec%a1%b0%ec%99%80-%ea%b0%80%eb%8a%a5%ed%95%9c-%ec%a7%80%ec%b6%9c%ec%9d%84-%ec%9d%b4%ed%95%b4%ed%95%98%eb%8a%94-%eb%b0%a9/ of a specific yr, the preceding 6 full calendar months begins on September 8 of the previous year and ends on March 7. The Commissions consider that this "rolling" 6-month method is appropriate, notably in mild of points that will arise if 6 full calendar months have been measured from the primary to the last day of each month on the calendar.
The Commissions note that the statute by its own terms requires 30 days of trading as a broad-primarily based index before changes in an index's characteristics could also be tolerated. The other commenter recommended that if the underlying index had been narrow-based mostly for a minimum of six consecutive months previous to the initial buying and selling of the safety index futures contract, but later turned a broad-based index, there should be a presumption that the contract was supplied as a slender-based contract in good faith.137 As such, the rule ought to permit a grace period of nine months, instead of three, for functions of unwinding the contract, or the rule ought to enable the itemizing market to hunt qualification as a chosen contract market in order to proceed trading the contract. In such case the index would proceed to be handled for an interim grace interval of three months as a slender-primarily based contract. The ultimate rules exclude from the definition of narrow-based mostly security index an index that satisfies one among three various requirements. The rule offering for the designation of lists can be supposed to deal with one other difficulty raised by the Commissions in the Proposing Release and remarked on by several commenters: How typically must the highest 750 and Top 675 securities be identified with the intention to verify that component securities of an index still could be included on such lists?