The Commodity Exchange Act requires that every futures and options contract be traded openly and competitively, except for certain authorized non-competitive transactions. Block trades and Exchange for Related Positions (EFRPs) are the primary non-competitive trades authorized by exchange rules.
Non-Competitive Trading Background
The CME, ICE U.S. and ICE Europe have specific rules for executing block trades and EFRPs; this course explains those rules in detail. It is designed for anyone who participates in qualified non-competitive trading — an area of strict regulatory scrutiny.
Appropriate employees of these NFA-member entities, as well as all market participants in block trades and EFRPs, can benefit from Non-Competitive Trading training:
- Futures Commission Merchants (FCMs)
- Independent and Guaranteed Introducing Brokers (IBs)
- Commodity Trading Advisors (CTAs)
- Commodity Pool Operators (CPOs)
- Retail Foreign Exchange Dealers (RFEDs)
- Swap Dealers (SDs)
- Major Swap Participants (MSPs)
- Market Participants