Number:         38-95 

For Release:            September 6, 1995
CFTC APPROVES ITALIAN DERIVATIVES MARKET'S MIB 30 STOCK INDEX FUTURES CONTRACT FOR OFFER AND SALE IN THE UNITED STATES
WASHINGTON -- The Commodity Futures Trading Commission's (CFTC) Office of General Counsel on August 30, 1995 issued no- action letter #95-74 permitting the Italian Derivatives Market's MIB 30 Index futures contract to be offered or sold in the United States.

The MIB 30, which began trading on the Italian Derivatives Market on November 28, 1994, is a capitalization-weighted stock index calculated based on the prices of 30 stocks listed on the Italian Stock Exchange. The MIB 30 comprises stocks representing 10 industry groups with a total market capitalization of approximately $120 billion (185 trillion Italian lira), as of October 1994.

The CFTC's Office of General Counsel examined the proposed contract in light of the criteria set forth in the Commodity Exchange Act, including that: the contract must provide for cash settlement; the contract not be readily susceptible to manipulation nor to being used to manipulate any underlying security; and 3) the index be predominately composed of the securities of unaffiliated issuers and reflect the market for all publicly traded securities or a substantial segment thereof.