The Commodity Exchange Act requires that every futures and options contract be traded openly and competitively, except for certain authorized noncompetitive transactions. Block trades and Exchange for Related Positions (EFRPs) are the primary noncompetitive trades authorized by Exchange rules.
Noncompetitive 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 noncompetitive 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 Noncompetitive 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