Release: 4516-01

For Release: May 17, 2001

CFTC Staff Allows the Mercato Italiano dei Derivati Division's miniFIB Futures Contract Based on the MIB 30 Index to be Offered and Sold in the United States

WASHINGTON -- The Commodity Futures Trading Commissions (CFTC) Office of General Counsel issued a no-action letter on May 16, 2001, permitting the offer and sale in the United States of the miniFIB futures contract based on the MIB 30 Index and traded on the Mercato Italiano dei Derivati Division (IDEM). The miniFIB futures contract is one-fifth the size of IDEM's current futures contract on the MIB 30 Index, which received no-action relief from Commission staff in 1995.

The MIB 30 Index is a broad-based, modified capitalization-weighted composite index consisting of 30 of the most highly-capitalized and actively-traded stocks listed on the Italian Stock Exchange. Based on data supplied by IDEM, the total market capitalization of the MIB 30 Index was approximately U.S. $585 billion as of January 2, 2001.

• For information on foreign exchange-traded stock index futures contracts pending no-action approval with the CFTCs OGC, see the Foreign Instrument Approvals & Exemptions Backgrounder.

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