HedgeStreet, California-based would-be exchange that has
suddenly found itself under fierce opposition from Chicago's
futures exchanges, defended itself in a comment letter to
regulators last week.
Among numerous challenges filed in comment letters to
Commodity Futures Trading Commission (CFTC), Chicago Board of
Trade and Chicago Mercantile Exchange claimed HedgeStreet did
not fully disclose the details of its market, lacked qualified
management to run a futures exchange and had inadequate
membership requirements and clearing information. It also
opposed the fact that National Futures Exchange has not
officially signed on as the self-regulatory agency for
HedgeStreet. HedgeStreet's law firm Sidley, Austin, Brown &
Wood, categorically opposed the list of objections to the
exchange's application stating "those comments are without
merit and raise no issues not already addressed in
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