Exempt Commercial Markets, 2005 – 2010

Electronic trading facilities providing for the execution of principal-to-principal transactions between eligible commercial entities in exempt commodities may operate as ECMs, as set forth under the CEA and the Commission’s regulations. An ECM is subject to anti-fraud and anti-manipulation provisions and a requirement that, if performing a significant price discovery function, must provide pricing information to the public. A facility that elects to operate as an ECM must give notice to the Commission and comply with certain information, record-keeping, and other requirements. An ECM is prohibited from claiming that the facility is registered with, or recognized, designated, licensed or approved by, the Commission. A total of 34 ECMs have filed notices with the Commission. In FY 2010, 23 ECMs were in business for at least part of the year; five however, withdrew their ECM notifications during the fiscal year.

Exempt Commercial Markets
ECMs¹	2005	2006	2007	2008	2009	2010
Agora-X						²
CCX
CDXchange
ChemConnect
DFOX
EnergyCross.com
EOXLIVE
Evolution Markets						²
FCRM
Flett
GFI
HSE
ICAP
ICAPture
ICAP Shipping
ICAP Truequote
ICE
IMAREX						²
Liquidity Partners
Liquidity Port						²
NGX
Nodal
NTP
OILX
OPEX
Parity
SL
TCX
TFSWeather
tpENERGYTRADE
Tradition Coal.com
Trading Optx						²
TS
WORLDPULP
TOTAL	12	17	19	20	27	23
¹ Refer to the Table of Acronyms in Appendix 10 for full names of organizations. (back to text) ² These ECMs withdrew their ECM notifications during FY 2010. (back to text)

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