The Commodity Futures Trading Commission (CFTC) has already approved the request which goes into effect immediately.
An ETF is an investment vehicle traded at various stock exchanges which allows an investor to buy an interest in the portfolio that tracks the specific stock index. When there is a complementary trading relationship, or high correlation, between the ETF and the respective index, the ETF makes an acceptable cash or physical component of an EFP. Positions in the iShares Russell 1000 Index Fund traded on the American Stock Exchange (symbol: IWB) has a high correlation with the Russell 1000 Index Futures contract traded on NYFE which makes it an acceptable cash or physical component to trade in the Russell 1000 Index Futures contract.
The New York Board of Trade is the parent company of the Coffee, Sugar & Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions, which include Citrus Associates, FINEX and the New York Futures Exchange (NYFE), NYBOT offers a variety of agricultural, financial and index products.