Nadex Clarifies Language With Respect to "Financial Institution" and Non-US Resident Withdrawls
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, and Commission Regulation §40.6(a), Nadex has submitted to the Commission its intent to amend its definition of “Financial Institution” in Rule 1.1 to specify which types of financial institutions set forth in 31 CFR 1010.100(t) are acceptable for making deposits. Additionally, Nadex is amending the language order in Rule 3.1 (Trading Members – Applications, Classifications, and Privileges) to accurately describe the process of non-US resident Members making deposits and withdrawals. Nadex is also amending the language in its Rule 6.4 (Settling Member Withdrawal Requests), to note that withdrawals for non-United States resident Members who do not have an account at a US Financial Institution would be sent to the account at the Foreign Bank registered with Nadex on that Member’s account. Finally, Nadex is amending language in its Membership Agreement with respect to making deposits from a ‘bank account’ as that is only one of the several types of Financial Institutions from which Nadex will accept deposits.
Nadex plans to implement these changes on March 16, 2015.