CFTC issued a letter to CME Group saying that ELX's exchange of futures for futures transactions are not wash sales and are consistent with commission precedent.
In the ongoing battle over exchange of futures for futures transactions (EFFs) ELX Futures says the CME failed to justify its position not allowing them.
Last fall CME Group said in an advisory notice that exchange of futures for futures transactions (EFFs) are illegal wash trades. The CFTC responded "are not" CME counters "are too."
The CFTC disagreed with the CME Group interpretation of exchange of futures for futures (EFF) transactions and has asked them to justify not allowing such trades.
ELX submitted a request that the CFTC stay the rule interpretation by CME Group that could prevent CME clearing members from enacting Exchange of Futures for Futures trades.
