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CFTC Staff Withdraws No-Action Letter to Victoria University of Wellington, New Zealand Regarding a Not-For-Profit Market for Certain Event Contracts

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Release Number 8567-22

CFTC Staff Withdraws No- Action Letter to Victoria University of Wellington, New Zealand Regarding a Not-For-Profit Market for Certain Event Contracts

August 04, 2022

Washington, D. C. — The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today announced it is withdrawing CFTC Letter No. 14-130 effective immediately. When DMO issued the letter on October 29, 2014, it took a no-action position with respect to the operation of a not- for-profit market for certain event contracts and the offering of such contracts to U. S. persons by Victoria University of Wellington, New Zealand without registration as a designated contract market, foreign board of trade, or swap execution facility, and without registration of its operators. [See CFTC Press Release No. 7047-14]

DMO has determined that Victoria University has not operated its market in compliance with the terms of the letter and as a result has withdrawn it. As stated in the withdrawal letter issued today, to the extent that Victoria University is operating any contract market in a manner consistent with each of the terms and conditions provided in CFTC Letter 14-130, all related and remaining listed contracts and positions comprising all associated open interest in such market should be closed out and/or liquidated no later than 11:59 p. m. (EDT) on February 15, 2023. [See CFTC Letter No. 22-08] -CFTC-

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