360 Treasury Systems AG et al. – s. 144 of the OSA and s. 78 of the CFA

Order

Headnote

Subsection 144(1) of the Securities Act (Ontario) and subsection 78(1) of the Commodity Futures Act (Ontario) – application for an order varying the Commission’s orders exempting foreign commodity futures exchanges, multilateral trading facilities, and swap execution facilities carrying on business in Ontario (collectively, exempt foreign exchanges) from the requirement to be recognized as exchanges and, if applicable, from the requirement to be registered as a commodity futures exchange – variation required to add an expiry clause where exempt foreign exchanges cease carrying on business in Ontario – requested order granted.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 21, 144.

Commodity Futures Act, R.S.O. 1990, c. C.20, as am., ss. 15, 78.

IN THE MATTER OF 
THE SECURITIES ACT, 
RSO 1990, CHAPTER S5 
AS AMENDED 
(the OSA)

AND

IN THE MATTER OF 
THE COMMODITY FUTURES ACT, 
RSO 1990, CHAPTER C20 
AS AMENDED 
(the CFA)

AND

IN THE MATTER OF 
360 TREASURY SYSTEMS AG, 
360 TRADING NETWORKS INC., 
360 TRADING NETWORKS UK LIMITED, 
AEGIS SEF LLC, 
BGC DERIVATIVES MARKETS, L.P., 
BLOOMBERG SEF LLC, 
BLOOMBERG TRADEBOOK SINGAPORE PTE LTD., 
BLOOMBERG TRADING FACILITY LIMITED, 
BLOOMBERG TRADING FACILITY B.V., 
BOARD OF TRADE OF THE CITY OF CHICAGO, INC. (CBOT), 
BROKERTEC EUROPE LIMITED, 
CBOE SEF, LLC, 
CHICAGO MERCANTILE EXCHANGE INC. (CME), 
CME AMSTERDAM B.V., 
COMMODITY EXCHANGE, INC. (COMEX), 
DW SEF LLC, 
FINANCIAL & RISK TRANSACTIONS SERVICES IRELAND LIMITED, 
GFI SWAPS EXCHANGE LLC, 
ICAP GLOBAL DERIVATIVES LIMITED, 
ICE FUTURES (ICE EUROPE), 
ICE FUTURES U.S., INC. (ICE US), 
ICE SWAP TRADE LLC, 
LATAM SEF, LLC, 
LMAX PTE. LTD., 
NEW YORK MERCANTILE EXCHANGE, INC. (NYMEX), 
NEX SEF LIMITED, 
NODAL EXCHANGE, LLC (NODAL), 
OTCX TRADING LIMITED, 
REFINITIV TRANSACTION SERVICES LIMITED, 
REFINITIV TRANSACTION SERVICES PTE. LTD., 
REFINITIV US SEF LLC, 
RTX FINTECH & RESEARCH LLC, 
SPECTRAXE, LLC, 
STATE STREET GLOBAL MARKETS INTERNATIONAL LIMITED, 
THE LONDON METAL EXCHANGE (LME), 
TPSEF INC., 
TRADITION SEF, INC., 
TW SEF LLC 
(each an Exempt Foreign Exchange)

VARIATION OF EXEMPTION ORDERS
(Section 144 of the OSA and section 78 of the CFA)

WHEREAS each Exempt Foreign Exchange has participants or intends to have participants in Ontario and is considered to be carrying on business in Ontario as an exchange;

AND WHEREAS each of CBOT, CME, COMEX, ICE Europe, ICE US, NYMEX, Nodal and LME is also carrying on business in Ontario as a commodity futures exchange;

AND WHEREAS the Commission has issued orders pursuant to section 147 of the OSA exempting each Exempt Foreign Exchange from the requirement to be recognized as an exchange under subsection 21(1) if the OSA (each an Exemption Order);

AND WHEREAS the Exemption Order for each of CBOT, CME, COMEX, ICE Europe, ICE US, NYMEX, Nodal and LME also exempts each from the requirement to be registered as a commodity futures exchange under subsection 15(1) of the CFA;

AND WHEREAS the Commission has determined that it would not be prejudicial to the public interest to introduce an expiry clause into each of the Exemption Orders providing that an Exemption Order shall terminate upon the Exempt Foreign Exchange providing notice to the Commission that it has ceased carrying on business in Ontario as described in the Exemption Order;

IT IS HEREBY ORDERED by the Commission that, pursuant to section 144 of the OSA and section 78 of the CFA, as applicable, each of the Exemption Orders are varied to add the following provision:

This order shall terminate upon the Exempt Foreign Exchange providing notice to the Commission that it has ceased carrying on business in Ontario.

DATED May 2, 2025

“Michelle Alexander”
Manager, Trading and Markets Division