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NASDAQ, INC. : Other Events (form 8-K)

06/30/2022 | 04:53pm

Item 8.01. Other Events.

On June 29, 2022, NASDAQ Futures, Inc. ("NFX"), a non-operational, wholly-owned subsidiary of Nasdaq, Inc. ("Nasdaq"), received a telephonic "Wells Notice" from the staff of the Commodity Futures Trading Commission (the "CFTC") relating to certain alleged potential violations by NFX of provisions of the Commodity Exchange Act and CFTC rules thereunder during the period July 2015 through October 2018. A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. The Wells Notice informed NFX that the CFTC staff has made, subject to consideration of NFX's response, a preliminary determination to recommend that the CFTC authorize an enforcement action against NFX in connection with its former futures exchange business. Nasdaq sold NFX's futures exchange business to a third party in November 2019, including the portfolio of open interest in NFX contracts. During 2020, all remaining open interest in NFX contracts was migrated to other exchanges and NFX ceased operation. NFX plans to contest the staff's positions in its response to the Wells Notice.

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