NYX Nyse Euronext

The Commodity Futures Trading Commission determined that the U.S. futures market run by NYSE Euronext (NYX) needs to tighten up some market-surveillance practices, following a one-year review of the platform.

More "proactive" reviews of trading on the exchange, NYSE Liffe U.S., are needed and exchange overseers should require customers to shelve automated trading strategies that appear to be violating rules, according to a notice from the CFTC Wednesday.

Federal regulators also recommended that NYSE Liffe U.S. maintain closer communications with the National Futures Association, which helps supervise activity on the platform.

The recommendations arose from a one-year review of NYSE Liffe U.S. carried out between November 2009 and November 2010 and included an examination of related responsibilities of the NFA. The CFTC often checks in on exchanges' market-supervision efforts.

"We welcome the CFTC staff's fundamental conclusion that the exchange's investigations were 'thorough and complete' and that the exchange's disciplinary actions were 'generally appropriate,'" said a spokesman for NYSE Euronext in a statement. "We appreciate the staff's thorough review and constructive recommendations."

NYSE Liffe U.S. is the U.S. branch of the Big Board parent's long-established Liffe derivatives market, based in London. The U.S. platform launched in 2008 and during the period of the CFTC review traded futures linked to gold and silver as well as stock indexes maintained by MSCI Inc. (MSCI).

Last year the exchange debuted a slate of fixed-income futures contracts, backed by a new clearinghouse venture, aimed at capturing business from Chicago-based CME Group Inc. (CME).

-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com

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