UNITED STATES OF AMERICA
Before the

COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Application of Osaka Exchange, Inc.

for Registration pursuant to Section 4(b)(1) of the Commodity
Exchange Act and Part 48 of the Regulations of the
Commodity Futures Trading Commission in order to permit
direct access to its order entry and trade matching system

ORDER OF REGISTRATION

Pursuant to Section 4(b)(1) of the Commodity Exchange Act (the Act), 7 U.S.C.

§ 6(b)(1), and Part 48 of the Commission’s regulations, Osaka Exchange, Inc. (OSE), a
derivatives exchange authorized by and subject to regulation by the Financial Services Agency in
Japan, submitted an application dated August 16, 2012 and including supplemental submissions
filed through July 17, 2018 (the Application), requesting registration in order to permit identified
members and other participants located in the United States to enter trades directly into its order
entry and trade matching system.

The Commission has reviewed the Application along with the exhibits, supplemental
documents, and other supporting information and representations, and finds that OSE has
demonstrated its ability to comply with the requirements of the Act and applicable Commission
regulations thereunder, including the requirements for registration as set forth in Part 48 of the
Commission’s regulations.

In light of the foregoing, IT IS ORDERED, pursuant to Section 4(b)(1) of the Act, 7

U.S.C. § 6(b)(1), that OSE is granted an Order of Registration to permit direct access, as that


term is defined in Section 4(b)(1)(A) of the Act, subject to the terms and conditions specified
herein:

(1) | Compliance with the Act and Commission Regulations. OSE shall comply, and
shall demonstrate compliance as requested by the Commission, with all sections of the Act and
the Commission’s regulations thereunder applicable to OSE as a foreign board of trade registered
pursuant to Part 48 of the Commission’s regulations, as may be amended or adopted from time to
time. OSE shall comply with the applicable conditions of registration specified in Commission
regulation 48.8 and any additional conditions that the Commission deems necessary and may
impose, in its discretion, after appropriate notice and opportunity to respond. OSE shall fulfill
each of the representations it has made in support of the Application for registration.

(2) | New Regulations. Should the Commission promulgate a regulation addressing or
otherwise affecting any aspect of this Order, then such regulation will apply and supersede the
applicable terms in this Order.

(3) Reservation of Rights. This Order is based upon the representations made and
supporting material provided to the Commission by OSE as part of the Application. In the event
of any changes to or omissions in the material facts or circumstances pursuant to which this
Order is issued, or for any reason in its own discretion, and after notice and opportunity to
respond, the Commission may condition, modify, suspend, terminate, or otherwise restrict the
terms of this Order, as appropriate and as permitted by law, on its own motion.

Issued in Washington, D.C. this 21st day of August, 2018.

By the Commission

Christopher g Kirkpatrick

Secretary of the Commission