Commodity Futures Trading Commission (CFTC) will continue to
push for jurisdiction over retail fx trading operations that
offer futures-like products, despite a summer setback in court.
Acting chairman Sharon Brown-Hruska told FO Week that many
retail fx trading firms are trying to avoid CFTC oversight by
creating fx futures contracts that are called a variety of
names, including 'rolling-spot' contracts.
Brown-Hruska argues that such contracts are essentially
futures contracts and should therefore fall under CFTC
jurisdiction. CFTC was dealt a blow in its efforts last summer
when a 7th Circuit Court judge ruled in favor of Michael
Zelener, president of British Royal Group.
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