DGCX is a Self-Regulating Organization (SRO) that is empowered by the Federal Regulatory Authority, ESCA, to enforce Exchange By-Laws and Clearing Corporation Rules.
ESCA, as a Member of the International Organisation of Securities Commissions, follows the IOSCO 'principles', which outline the important role played by SROs. This is especially relevant as explained in IOSCO Principle 7.2: "SROs may require the observance of ethical standards, which go beyond government regulations" and "SROs may offer considerable depth and expertise regarding market operations and practices, and may be able to respond more quickly and flexibly than the government authority to changing market conditions." The role of the Exchange as a SRO is underpinned by DGCX Exchange By-Laws.
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