Exchanges and Clearing Organizations
Sidley represents securities, futures and options exchanges, swap execution facilities and clearing organizations in connection with a wide variety of regulatory, litigation and transactional matters.
Representative transactions include obtaining contract market designation and derivatives clearing organization status for a start-up futures exchange, assisting foreign futures exchanges in obtaining approval to place terminals in the United States and to offer non-U.S. futures contracts on stock indexes to U.S. investors, representation of a national securities exchange in connection with its securities listings programs, assisting swap execution facilities in obtaining registration, and other matters involving both Federal and state securities laws.
We represent securities and futures clearing organizations in connection with every aspect of their operations, including obtaining regulatory approval of new products and innovative programs such as cross-margining arrangements between securities and futures products and links with foreign exchanges, and compliance with both U.S. and European regulations and the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMIs).
Our practice involves frequent contact with the Division of Trading and Markets of the Securities and Exchange Commission and the Commodity Futures Trading Commission’s Divisions of Swap Dealer and Intermediary Oversight and Clearing and Risk. We are involved in the creation of new electronic markets and in many aspects of the fundamental restructuring of the world’s financial markets currently underway.