The Commodity Futures Trading Commission is requesting public comment on a rule amendment certification filing by ICE Futures U.S., Inc. (IFUS). As described in the certification, the proposed amendment to IFUS Rule 4.26 would allow for the implementation of Passive Order Protection (POP) Functionality, which is intended to reduce latency advantages between traders engaged in arbitrage strategies against related markets. The POP Functionality proposed by the certification would be implemented in the daily gold and silver futures markets.
CFTC’s Division of Market Oversight has determined to stay IFUS Submission No. 19-119 (February 1, 2019) pursuant to Section 5c(c)(2) of the Commodity Exchange Act (CEA) and CFTC Regulations 40.6(c) and 40.7(a)(2) because the certification presents novel or complex issues that require additional time to analyze and may be inconsistent with the CEA or CFTC regulations.
Comments on the proposed amendments must be submitted by March 15. Comments may be submitted electronically through the CFTC’s Comments Online Process, available here.