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7 U.S.C. § 6j — Restrictions on dual trading in security futures products on designated contract markets and registered derivatives transaction execution facilities
Federal law — U.S. Code and appendices · legal_authorities
**(a) Issuance of regulations** The Commission shall issue regulations to prohibit the privilege of dual trading in security futures products on each contract market and registered derivatives transaction execution facility. The regulations issued by the Commission under this section—
(1) shall provide that the prohibition of dual trading thereunder shall take effect upon issuance of the regulations; and
(2) shall provide exceptions, as the Commission determines appropriate, to ensure fairness and orderly trading in security futures product markets, including—
(A) exceptions for spread transactions and the correction of trading errors;
(B) allowance for a customer to designate in writing not less than once annually a named floor broker to execute orders for such customer, notwithstanding the regulations to prohibit the privilege of dual trading required under this section; and
(C) other measures reasonably designed to accommodate unique or special characteristics of individual boards of trade or contract markets, to address emergency or unusual market conditions, or otherwise to further the public interest consistent with the promotion of market efficiency, innovation, and expansion of investment opportunities, the protection of investors, and with the purposes of this section.
**(b) “Dual trading” defined** As used in this section, the term “dual trading” means the execution of customer orders by a floor broker during the same trading session in which the floor broker executes any trade in the same contract market or registered derivatives transaction execution facility for—
(1) the account of such floor broker;
(2) an account for which such floor broker has trading discretion; or
(3) an account controlled by a person with whom such floor broker has a re
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Source file: Laws/federal/codes/united-states-code/title-7/section-6j-restrictions-on-dual-trading-in-security-futures-products-on-designated--bf8b9872a2.md
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Source location: Title 7, Chapter 1, § 6j; chapter-001-commodity-exchanges.md
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**(a) Issuance of regulations** The Commission shall issue regulations to prohibit the privilege of dual trading in security futures products on each contract market and registered derivatives transaction execution facility. The regulations issued by the Commission under this section—
(1) shall provide that the prohibition of dual trading thereunder shall take effect upon issuance of the regulations; and
(2) shall provide exceptions, as the Commission determines appropriate, to ensure fairness and orderly trading in security futures product markets, including—
(A) exceptions for spread transactions and the correction of trading errors;
(B) allowance for a customer to designate in writing not less than once annually a named floor broker to execute orders for such customer, notwithstanding the regulations to prohibit the privilege of dual trading required under this section; and
(C) other measures reasonably designed to accommodate unique or special characteristics of individual boards of trade or contract markets, to address emergency or unusual market conditions, or otherwise to further the public interest consistent with the promotion of market efficiency, innovation, and expansion of investment opportunities, the protection of investors, and with the purposes of this section.
**(b) “Dual trading” defined** As used in this section, the term “dual trading” means the execution of customer orders by a floor broker during the same trading session in which the floor broker executes any trade in the same contract market or registered derivatives transaction execution facility for—
(1) the account of such floor broker;
(2) an account for which such floor broker has trading discretion; or
(3) an account controlled by a person with whom such floor broker has a relationship through membership in a broker association.
**(c) “Broker association” defined** As used in this section, the term “broker association” shall include two or more contract market members or registered derivatives transaction execution facility members with floor trading privileges of whom at least one is acting as a floor broker, who—
(1) engage in floor brokerage activity on behalf of the same employer,
(2) have an employer and employee relationship which relates to floor brokerage activity,
(3) share profits and losses associated with their brokerage or trading activity, or
(4) regularly share a deck of orders.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Jurisdiction of Commission; Commodity Futures Trading Commission**
(1) **Jurisdiction of Commission**
(A) *In general* — The Commission shall have exclusive jurisdiction, except to the extent otherwise provided in the Wall Street Transparency and Accountability Act of 2010 (including an amendment made by that Act) and subparagraphs (C), (D), and (I) of this paragraph and subsections (c) and (f), with respect to accounts, agreements (including any transaction which is of the character of, or is commonly known to the trade as, an “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), and transactions involving swaps or contracts of sale of a commodity for future delivery (including significant price discovery contracts), traded or executed on a contract market designated pursuant to [section 7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7&num=0&edition=prelim) or a swap execution facility pursuant to [section 7b–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7b-3&num=0&edition=prelim) or any other board of trade, exchange, or market, and transactions subject to regulation by the Commission pursuant to [section 23 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section23&num=0&edition=prelim). Except as hereinabove provided, nothing contained in this section shall (I) supersede or limit the jurisdiction at any time conferred on the Securities and Exchange Commission or other regulatory authorities under the laws of the United States or of any State, or (II) restrict the Securities and Exchange Commission and such other authorities from carrying out their duties and responsibilities in
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration; application** An exchange may be registered as a national securities exchange under the terms and conditions hereinafter provided in this section and in accordance with the provisions of [section 78s(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/a&num=0&edition=prelim), by filing with the Commission an application for registration in such form as the Commission, by rule, may prescribe containing the rules of the exchange and such other information and documents as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors.
**(b) Determination by Commission requisite to registration of applicant as a national securities exchange** An exchange shall not be registered as a national securities exchange unless the Commission determines that—
(1) Such exchange is so organized and has the capacity to be able to carry out the purposes of this chapter and to comply, and (subject to any rule or order of the Commission pursuant to section 78q(d) or 78s(g)(2) of this title) to enforce compliance by its members and persons associated with its members, with the provisions of this chapter, the rules and regulations thereunder, and the rules of the exchange.
(2) Subject to the provisions of subsection (c) of this section, the rules of the exchange provide that any registered broker or dealer or natural person associated with a registered broker or dealer may become a member of such exchange and any person may become associated with a member thereof.
(3) The rules of the exchange assure a fair representation of its members in the selection of its directors and administration of its affairs and provide that one or more directors shall be representa
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration of futures commission merchants, introducing brokers, and floor brokers and traders**
(1) Any person desiring to register as a futures commission merchant, introducing broker, floor broker, or floor trader hereunder shall be registered upon application to the Commission. The application shall be made in such form and manner as prescribed by the Commission, giving such information and facts as the Commission may deem necessary concerning the business in which the applicant is or will be engaged, including in the case of an application of a futures commission merchant or an introducing broker, the names and addresses of the managers of all branch offices, and the names of such officers and partners, if a partnership, and of such officers, directors, and stockholders, if a corporation, as the Commission may direct. Such person, when registered hereunder, shall likewise continue to report and furnish to the Commission the above-mentioned information and such other information pertaining to such person’s business as the Commission may require. Each registration shall expire on December 31 of the year for which issued or at such other time, not less than one year from the date of issuance, as the Commission may by rule, regulation, or order prescribe, and shall be renewed upon application therefor unless the registration has been suspended (and the period of such suspension has not expired) or revoked pursuant to the provisions of this chapter.
(2) Notwithstanding paragraph (1), and except as provided in paragraph (3), any broker or dealer that is registered with the Securities and Exchange Commission shall be registered as a futures commission merchant or introducing broker, as applicable, if—
(A) the broker or dealer limits its solicitation of orders
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Federal law — U.S. Code and appendices · legal_authorities
(1) It shall be unlawful for any person to be associated with a futures commission merchant as a partner, officer, or employee, or to be associated with an introducing broker as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation or acceptance of customers’ orders (other than in a clerical capacity) or (ii) the supervision of any person or persons so engaged, unless such person is registered with the Commission under this chapter as an associated person of such futures commission merchant or of such introducing broker and such registration shall not have expired, been suspended (and the period of suspension has not expired), or been revoked. It shall be unlawful for a futures commission merchant or introducing broker to permit such a person to become or remain associated with the futures commission merchant or introducing broker in any such capacity if such futures commission merchant or introducing broker knew or should have known that such person was not so registered or that such registration had expired, been suspended (and the period of suspension has not expired), or been revoked. Any individual who is registered as a floor broker, futures commission merchant, or introducing broker (and such registration is not suspended or revoked) need not also register under this paragraph.
(2) It shall be unlawful for any person to be associated with a commodity pool operator as a partner, officer, employee, consultant, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation of funds, securities, or property for a participation in a commodity pool or (ii) the supervision of any person
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Any board of trade that is registered with the Securities and Exchange Commission as a national securities exchange, is a national securities association registered pursuant to section 78o–3(a) of title 15, or is an alternative trading system shall be a designated contract market in security futures products if—
(1) such national securities exchange, national securities association, or alternative trading system lists or trades no other contracts of sale for future delivery, except for security futures products;
(2) such national securities exchange, national securities association, or alternative trading system files written notice with the Commission in such form as the Commission, by rule, may prescribe containing such information as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of customers; and
(3) the registration of such national securities exchange, national securities association, or alternative trading system is not suspended pursuant to an order by the Securities and Exchange Commission.
Such designation shall be effective contemporaneously with the submission of notice, in written or electronic form, to the Commission.
**(b)**
(1) A national securities exchange, national securities association, or alternative trading system that is designated as a contract market pursuant to this section shall be exempt from the following provisions of this chapter and the rules thereunder:
(A) Subsections (c), (e), and (g) of [section 6c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6c&num=0&edition=prelim).
(B) [Section 6j of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6j&num=0&edition=prelim).
(C) [S
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Federal law — U.S. Code and appendices · legal_authorities
Page 68
TITLE 7—AGRICULTURE
§ 6j
1983—Pub. L. 97–444 amended section generally by
substantially restating provisions and inserting re-
quirement that persons whose transactions and posi-
tions in any cash commodity or commodity future are
equal to or in excess of amounts fixed by the Commis-
sion, must keep books and records of such transactions
and positions as well as books and records of any such
commodity traded on or subject to rules of any other
board of trade, whether or not such person is required
to file reports with the Commission concerning such
transactions and positions.
1974—Pub. L. 93–463 substituted ‘‘Commission’’ for
‘‘Secretary of Agriculture’’ and ‘‘United States Depart-
ment of Agriculture’’.
1968—Pub. L. 90–258 required recordkeeping of posi-
tions and of cash or spot transactions in commodities
entered into, and inventories and purchase and sale
commitments of commodities held, in any month in
which reports are required to be kept, including details
concerning positions, inventories, and commitments,
and included controlled transactions and positions in
the futures and cash or spot transactions and positions
of any person.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2008 AMENDMENT
Amendment of this section and repeal of Pub. L.
110–234 by Pub. L. 110–246 effective May 22, 2008, the
date of enactment of Pub. L. 110–234, except as other-
wise provided, see section 4 of Pub. L. 110–246, set out
as an Effective Date note under section 8701 of this
title.
Amendment by section 13202(b) of Pub. L. 110–246 ef-
fective June 18, 2008, see section 13204(a) of Pub. L.
110–246, set out as a note under section 2 of this title.
EFFECTIVE DATE OF 1983 AMENDMENT
Amendment by Pub. L. 97–444 effective Jan. 11, 1983,
see sec
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