Regulatory Compliance

As an international derivatives exchange International Maritime Exchange (Imarex) is subject to different regulations in  various geographical markets. Below are the main jurisdictions in which Imarex is authorized and regulated by the relevant authorities.

Norway

Imarex operates from Oslo, and has an official license to operate as an Authorized Marketplace for freight futures under the Norwegian Stock Act of 2000 by the Norwegian Ministry of Finance. The exchange operates under supervision by the Banking, Insurance and Securities Commission (Kredittilsynet) in Norway.

United States of America

Imarex

Imarex is accepted by the US Commodity Futures Trading Commission (CFTC) to operate an electronic trading facility as an Exempted Commercial Market (ECM) in reliance on the exemption set forth in section 2(h)(3) of the Commodity Exchange Act as amended by the Commodity Futures Modernization Act of 2000. 

Imarex operates as an Exempt Commercial Market pursuant to section 2(h)(3) of the US Commodity Exchange Act (the CEA). Participants are strictly limited to Eligible Commercial Entities as defined by section 1a (11) of the CEA.

NOS

The company is also approved by the American Commodity Futures Trading Commission (CFTC) to carry out clearing of trades on Imarex.

NOS is recognized by the US Commodity Futures Trading Commission (the CFTC) as a multilateral clearing organization (MCO) pursuant to the US Federal Deposit Insurance Corporation Improvement Act (FDICIA). Section 409 of FDICIA provides that a MCO for over-the-counter derivatives may operate in the US if, among other alternatives, the MCO is supervised by a foreign financial regulator that the CFTC, or one of several other US financial regulators, has determined satisfies appropriate standards.

United Kingdom

Imarex is neither an authorized person nor an exempt person under the Financial Services and Markets Act ("FSMA").

Under the FSMA, Imarexmay, as an "overseas person", arrange trades in freight derivatives in accordance with paragraph 72 of the Regulated Activities Order 2001 without falling within the scope of the FSMA if it does not contravene section 21 of the FSMA, which broadly restricts Imarex from engaging in financial promotion other than to investment professionals.

Accordingly, Imarex will engage in marketing in the United Kingdom only in accordance with section 21 of the FSMA.

Switzerland

Imarex is accepted by the Swiss Banking Commission to operate in Switzerland as a Foreign Stock Exchange. PDF 

Other Countries

Imarex and NOS complies with requirements of other main markets. Specific regulatory notices may be required to be in official compliance in specific new countries outside those specified.

At present the following domiciles have been cleared for membership:

• Bahamas
• Belize
• Belgium
• Bermuda
• British Virgin Islands
• Cayman Islands
• Colombia
• Denmark
• Finland
• France
• Germany
• Italy
• Isle of Man
• Jersey
• Liberia
• Marshall Island
• Netherlands Antilles (Curacao)
• Norway
• Singapore
• South Africa
• South Korea
• Sweden
• Switzerland
• United Kingdom
• United States of America
   

Regulatory Position of The Norwegian Futures and Options Clearing House

NOS Clearing  is a clearing house for maritime freight, power and seafood derivatives.

NOS Clearing is licensed by the Norwegian Ministry of Finance, and is supervised by the Norwegian Banking, Insurance and Securities Commission (Kredittilsynet). NOS will meet the regulatory requirements of the various markets where cross-border clearing is offered. 

NOS Clearing has secured authorization to operate in all jurisdictions relevant for providing clearing for Imarex. 

Please refer to www.nosclearing.com for further details.