Summer Mersinger is losing her patience. As one of the commissioners of the Commodity Futures Trading Commission (CFTC), she has just watched commission staff issue another no-action letter to Korea Exchange (KRX) to allow it to continue to offer contracts based on the Korea Composite Stock Index 200 (Kospi 200) to qualified institutional buyers in the US.
The no-action letter, which was issued on Monday, takes effect on October 24 and lasts for one month, during which time the CFTC will continue its review and potential formal certification of the contracts, which are due to move again into the exclusive regulatory orbit of the CFTC.
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