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For Immediate Release
November 02, 2005
National Futures Association to provide regulatory services for Philadelphia Board of Trade
November 2, 2005, Chicago and Philadelphia - National Futures Association (NFA) and The Philadelphia Board of Trade (PBOT), a wholly owned subsidiary of The Philadelphia Stock Exchange (PHLX), today announced that they have entered into an agreement for NFA to provide regulatory services for the electronic futures exchange that PBOT will launch in early 2006.
NFA will perform trade practice and market surveillance activities for PBOT and provide other regulatory services, including investigating and litigating any disciplinary matters that may occur and resolving disputes that may arise.
"We intend to position PBOT as a distinctive market center offering a variety of futures products at a competitive cost," said Walt Smith, PBOT's Vice President of Business Operations. "Outsourcing certain regulatory requirements to NFA demonstrates our commitment to innovation and cost-efficiency."
"NFA is looking forward to providing these services for PBOT's new electronic futures exchange," said NFA President Daniel J. Roth. "This is another opportunity for NFA to utilize its unparalleled regulatory expertise and systems in the futures industry."
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