Nadex Adds New Rule for Jurisdictional Consent Provision, Amends and Clarifies Language for its Member Obligations and Hours for Trading Contracts
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, and Commission Regulation §40.6(a), Nadex submitted to the Commission a self-certification with its intent to add new Rule 2.10 (Consent to Jurisdiction) requiring all members and market participants to consent to Nadex jurisdiction pursuant to the Commission’s Final Rule 38.15(a). Nadex also intends to amend language in Rule 3.3 (Member Obligations) to reflect verbatim the language found in Regulation 39.16(d)(1) regarding member notification in the event of bankruptcy petition, receivership proceeding or the equivalent, and to include the broader requirement that members must notify Nadex in the event of any financial or business developments which may materially affect the member’s ability to comply with participation requirements. Finally, Nadex is amending Rule 5.18 (Hours for Trading), to remove references to the delisted India 50 and Korea 200 contracts, correct the close time for Corn and Soybean contracts from 2:15 to 3:00, and clarifies language regarding when members may access their accounts and place open orders. These new additions and amendments will become effective August 20, 2012.