Rev. Rul. 2024-22

ISSUE

Is Bourse de Montréal (MX), which is a regulated exchange of Québec, Canada, a qualified board or exchange within the meaning of § 1256(g)(7)(C) of the Internal Revenue Code (Code) ¹ ?

FACTS

MX is a regulated exchange of Québec, Canada. On December 23, 2011, the Commodity Futures Trading Commission (CFTC) published final rules regarding the registration with the CFTC of foreign boards of trade (FBOT). See Registration of Foreign Boards of Trade, 76 FR 80674 (Dec. 23, 2011), codified at 17 CFR Part 48. The effective date for the final rules was February 21, 2012. Under the CFTC FBOT registration system, the CFTC may issue an Order of Registration to an FBOT, allowing the FBOT to provide direct access to its electronic trading and order matching system from the United States. On August 25, 2015, the CFTC granted an Order of Registration to MX under the CFTC FBOT registration system. An FBOT’s status under the CFTC FBOT registration system is posted online by the CFTC.