Competitive Market

Competitive Market. An organized, regulated derivatives market that is subject to regulation as a designated contract market regulated by the CFTC (assuming for this purpose that such a Competitive Market were operating in the United States regardless of where it is actually operating) or under a comparable international regulatory structure that employs a central counter-party model and offers for trading products that would be Futures Contracts under this Agreement (for example, without limitation, CBOE Futures... Exchange, Eurex, InterContinentalExchange and NYSE-Euronext), (ii) an entity that offers electronic trading in futures look-alike products (i.e., highly standardized products for future settlement or delivery) through a central order book and that has obtained a recognized status or formal exemptive or no-action relief from the CFTC in order to offer such products for trading to U.S. customers or obtained comparable status or relief from a non-U.S. regulatory agency or (iii) a swap execution facility (SEF), swap designated contract markets (DCM), a Designated Clearing Organization (DCO) or other facility, trading system or platform that provides access to clearing. View More