For U.S. investors participating in KRX derivatives market
CFTC Certification for Equity Index Futures
The U.S. Commodity Futures Trading Commission (CFTC) has granted certification for following KRX-listed equity index futures product to be offered and sold to U.S. persons.

pdf 보기CFTC Webpage_Foreign Products Available to the U.S.

pdf 보기CFTC Webpage_Foreign Organization Products

[ CFTC Certified KRX Equity Index Futures ]

CFTC Certified Stock Index Futures on KRX
Date of Certification Subject Product Certification
Mar 14, 2019 KOSDAQ 150 Futures Certification under CFTC Regulation 30.13
Mar 24, 2025 KOSPI 200 Futures Certification under CFTC Regulation 30.13
MMar 24, 2025 Mini KOSPI 200 Futures Certification under CFTC Regulation 30.13
CFTC Exemption on Foreign Broker Registration for eligible futures products (Regulation 30.10)
On February 11, 2016, the CFTC has granted Regulation Part 30.10 Exemption. This allows KRX members, that have registered with U.S. National Futures Association (NFA) as an exempted FCM, to conduct limited market activities (as described in the Limited Marketing Order) for KRX futures products such as CFTC certified equity index futures as well as currency futures and commodity futures. (Please refer to the CFTC site here)

첨부파일CFTC Order (Federal Register of KRX Exemption)

첨부파일CFTC issued Limited Marketing Order

첨부파일List of KRX Member Firms Exempted

SEC Class No-Action Relief on eligible options products
On September 19, 2018, KRX has filed a Class No-Action Relief (Class Relief) to the U.S. Securities and Exchange Commission (SEC) for KRX-listed equity index options and individual equity options products. Pursuant to the Class Relief Letter issued by SEC on July 1, 2013, KRX members (upon complying with the conditions stated in the Class Relief Letter) may familiarize eligible U.S. investors with eligible options products listed on KRX.

pdf 보기SEC Class No-Action Relief Letter (July 1, 2013)

pdf 보기Class Relief filed by KRX


첨부파일List of KRX Members applied for the relief

Eligible Options under the Class Relief
Eligible U.S. broker-dealer & Eligible Institution under the Class Relief
  1. The investor must be a “Qualified Institutional buyer” as defined in Rule 144A(a)(1) under the U.S. Securities Act of 1933 or an international organization excluded from the definition of “U.S. Persons” under Rule 902(k)(2)(vi) of Regulation S under the Securities Act; and
  2. The investor must have had prior actual experience with options products traded in U.S. options market and, therefore, the investor who had received the disclosure document for U.S. standardized options.
KRX Members’ Requirements under the Class Relief
Pursuant to Paragraphs (8) and (9) of Article 115 of the Enforcement Rules of KRX Derivatives Market Business Regulation, any member firm that may rely on the Class Relief should comply with the conditions set forth in the Class Relief and related requirements set by KRX that includes the following.
  1. Members should deal only with Eligible Broker-Dealer/Eligible Institution located in the U.S., and an Eligible Institution only in accordance with Rule 15a-6 under the Exchange Act, principally through a U.S. registered broker-dealer.
  2. Before commencing options trades placed by the Eligible U.S. investors, members should submit "Representation for the Class Relief" form to KRX and obtain and maintain a written representation (Sample Form attached below) confirming the eligibility of investors from such investors.
  3. Members should be aware that U.S. investors are prohibited from trading any options products based on securities of U.S. issuers or on an index consisting of any securities of U.S. issuers in the options products listed on KRX.
  4. With respect to the activities carried out on KRX, members should provide information to KRX upon request without delay or assist KRX faithfully.
Please refer to the related documents as below.

첨부파일Member Requirements for the Class Relief (Eng)

첨부파일Member Representation for the Class Relief (Eng)

첨부파일Sample Form of Investor Representation of Eligibility


Disclaimer
The information provided in this website is for informational purpose only and does not constitute an offer, solicitation or recommendation to buy or sell any derivatives products. Korea Exchange (KRX) is not a registered exchange in the United States (U.S) and KRX-listed derivatives products are not registered products under the U.S securities and commodities laws. Therefore KRX-listed derivatives products are currently not available for offer and sale to investors located/resident in the U.S except as permitted under certain approval or exemptive relief by the U.S regulatory authorities. Please consult with legal attorney on tradability of KRX-listed derivatives products.