Concern was raised about the strength of Commodity
Futures Trading Commission (CFTC) as it emerged that chairman
Jim Newsome was likely to be appointed president of New York
Mercantile Exchange (Nymex). The appointment would leave CFTC
with only two commissioners - from a full complement of five -
and observers questioned how well it would be able to deal with
2005's reauthorisation. By the end of the month, one of the
commissioners - Sharon Brown-Hruska - had been appointed acting
chairman, although no new commissioners had been named.
Eurex US's liquidity initiative sparked record volumes on
the exchange, which surpassed 50,000 contracts in a day for the
first time on 13 July, the second day of the programme.
However, the exchange's clearinghouse, The Clearing Corporation
(C-Corp), was subject to shareholder concern as fears that it
could report $10m losses in the second quarter circulated.
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