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7 U.S. Code § 7. Designation of boards of trade as contract markets
(a) Applications
A board of trade applying to the Commission for designation as a contract market shall submit an application to the Commission that includes any relevant materials and records the Commission may require consistent with this chapter.
(b) Repealed. Pub. L. 111–203, title VII, § 735(a), July 21, 2010, 124 Stat. 1718
(c) Existing contract markets
A board of trade that is designated as a contract market on December 21, 2000, shall be considered to be a designated contract market under this section.
(d) Core principles for contract markets
(1) Designation as contract market
(A) In generalTo be designated, and maintain a designation, as a contract market, a board of trade shall comply with—
(i)
any core principle described in this subsection; and
(ii)
any requirement that the Commission may impose by rule or regulation pursuant to section 12a(5) of this title.
(B) Reasonable discretion of contract market
Unless otherwise determined by the Commission by rule or regulation, a board of trade described in subparagraph (A) shall have reasonable discretion in establishing the manner in which the board of trade complies with the core principles described in this subsection.
(2) Compliance with rules
(A) In generalThe board of trade shall establish, monitor, and enforce compliance with the rules of the contract market, including—
(i)
access requirements;
(ii)
the terms and conditions of any contracts to be traded on the contract market; and
(iii)
rules prohibiting abusive trade practices on the contract market.
(B) Capacity of contract market
The board of trade shall have the capacity to detect, investigate, and apply appropriate sanctions to any person that violates any rule of the contract market.
(C) Requirement of rules
The rules of the contract market shall provide the board of trade with the ability and authority to obtain any necessary information to perform any function described in this subsection, including the capacity to carry out such international information-sharing agreements as the Commission may require.