New Regulatory Authority For Winnipeg Commodity Exchange
Date 01/02/2000
Winnipeg Commodity Exchange (WCE) is pleased to announce the transfer of its regulatory authority from the Canadian Grain Commission (CGC), a federal government agency, to the provincial Manitoba Securities Commission (MSC), effective February 1, 2000. This historic occasion brings to a close twenty-five years of regulatory supervision of the Exchange by the CGC.
The MSC will ensure that trading at WCE is carried out in accordance with the public interest, consistent with revisions to the Commodity Futures Act (the "Act"). It will provide a regulatory framework that reflects international standards, permitting the Exchange to develop and launch new non-grain futures contracts under one regulator.
At a hearing before the MSC this morning, WCE was recognised as a self-regulatory organisation under the Act, responsible for the enforcement of all rules and regulations.
"This transfer of regulatory authority to the Manitoba Securities Commission positions the Exchange for future growth and diversification," said WCE President and CEO, Bennett J Corn. "We look forward to working with our new regulator."
WCE is a not-for-profit organisation and Canada's only agricultural futures and options exchange. WCE offers futures contracts on canola, flaxseed, domestic feed wheat, western barley, oats, and field peas. Options contracts are available on canola, flaxseed, feed wheat, and western barley.