Page:United States Statutes at Large Volume 122.djvu/1461

 12 2 STA T . 1 438PUBLIC LA W 11 0– 234 —M A Y 22, 2008 nec e s s ary an d a p pr o pr i a t e , inc lu din g t h e authority —‘ ‘ ( aa ) to li q uidate open positions in a signi f icant price disco v ery contract and ‘‘( b b) to suspend or curtail trading in a significant price discovery contract . ‘‘( VI ) DAILYPUB LI C A T I ON O F T R A D IN G INFOR M A - TION.— T he electronic trading facility shall m a k e public daily information on price, trading volume, and other trading data to the e x tent appropriate for significant price discovery contracts ‘‘(VII) C OMPLIANC EW IT H RULE S .—The elec- tronic trading facility shall monitor and enforce compliance w ith any rules of the electronic trading facility applicable to significant price discovery contracts, including the terms and conditions of the contracts and any limitations on access to the electronic trading facility with respect to the con- tracts. ‘‘(VIII) CONFLICT OF INTEREST.—The electronic trading facility, with respect to significant price discovery contracts, shall— ‘‘(aa) establish and enforce rules to mini- mi z e conflicts of interest in its decision-making process; and ‘‘(bb) establish a process for resolving the conflicts of interest. ‘‘(I X ) A NTITRUST CONSIDERATIONS.— U nless necessary or appropriate to achieve the purposes of this Act, the electronic trading facility, with respect to significant price discovery contracts, shall endeavor to avoid— ‘‘(aa) adopting any rules or taking any actions that result in any unreasonable restraints of trade; or ‘‘(bb) imposing any material anticompeti- tive burden on trading on the electronic trading facility. ‘‘(D) IMPLEMENTATION.— ‘‘(i) CLEARING.—The Commission shall take into consideration differences between cleared and uncleared significant price discovery contracts when reviewing the implementation of the core principles by an electronic trading facility. ‘‘(ii) R E V IEW.—As part of the Commission ’ s con- tinual monitoring and surveillance activities, the Commission shall, not less frequently than annually, evaluate, as appropriate, all the agreements, contracts, or transactions conducted on an electronic trading facility in reliance on the exemption provided in para- graph ( 3 ) to determine whether they serve a significant price discovery function as described in subparagraph ( B ) of this paragraph.’’. SEC.1320 2. LARG E T RA D ER RE PO RT IN G. (a) REPORTING AND RECORD K EEPING.— S ection 4 g(a) of the Com- modity E xchange Act ( 7 U.S.C. 6 g(a)) is amended by inserting Procedu re s.R e g u lati o n s.

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