Washington, D.C. (STL.News) The Commodity Futures Trading Commission announced today it has issued an order approving a request from Minneapolis Grain Exchange, Inc. (MGEX) to transfer its CFTC contract market designation due to its acquisition by Miami International Holdings, Inc. (MIH). Upon closing of the acquisition, MGEX’s designation will be transferred to a new legal entity, Minneapolis Grain Exchange, LLC (MGEX LLC), which will be a wholly-owned subsidiary of MIH.
The CFTC issued the order pursuant to CFTC Regulation 38.3(d). After review of MGEX’s request for transfer, the CFTC determined that MGEX LLC will be able to continue to operate the designated contract market in compliance with the Commodity Exchange Act (CEA) and the Commission’s regulations thereunder.
The terms and conditions of the order require, among other things, that MGEX LLC comply with all sections of the CEA, including the core principles applicable to designated contract markets under Section 5, and regulations thereunder applicable designated contract markets. The order also requires MGEX LLC to make certain representations following the closing of the acquisition.