No. Options and futures are not commodities, and options are not products of any government. Options trading is separate from any futures transactions. The options and futures market operates independently of the futures trading market and there are no clearinghouses or exchanges. In addition, because the options and futures markets are not securities, and contracts must be exercised immediately upon settlement, it is not possible for you to enter into a long position and a short position in the same trading session.
I am a mutual fund or exchange-traded fund company and need to know which market you are a member of.
Options and futures are not commodities and are exempt from the federal excise taxes.
I am a state-chartered association. Can I sell options and futures?
There are no state-chartered associations in or around North Dakota; however, there might be state-chartered associations in the nearby states of Minnesota, South Dakota, Nebraska and Illinois.
Can I trade options only in one state?
Options cannot be traded on a basis that would subject them to a tax in more than one of the 35 states in which options are regulated or permitted to trade.
I am a mutual fund and I trade an option contract (exchange-traded-fund futures) on behalf of a mutual fund and not a client of the mutual fund. What is the tax?
Options, the underlying securities (if one is traded directly on exchanges), are not commodities as defined as commodities by the Commodity Exchange Act (CEA), as defined by Section 18 of the CEA (a CEA-regulated commodity). Options cannot be traded with respect to a mutual fund (or any other person) on an Exchange or with respect to a customer of the mutual fund as to which no CEA rule exists. Options cannot be traded on a basis that would subject them to a tax in more than one state even if that rule existed. The following are examples of state-chartered associations in or around North Dakota with rules as to how futures trades are allowed.
In North Dakota: A mutual fund licensed or registered with the North Dakota Commodity Commission is authorized to engage in any of the following activities in the State of North Dakota: (1) to obtain or redeem, or in connection with any contract therefor, in connection with any commodity (such as wheat, corn, soybeans, hay, cotton, wheat straw, etc.), or to trade in or redeem any such commodity with respect to
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