Futures industry officials applauded the success of
the Commodity Futures Modernisation Act (CFMA) of 2000 before
Congress last week before asking legislators to consider some
regulatory changes that would address fx fraud, single stock
futures (SSFs) and self regulatory organisation rules.
The landmark legislation is up for review this year as part
of Commodity Futures Trading Commission's (CFTC)
reauthorisation. Last Tuesday, industry officials told the US
Senate Agriculture, Nutrition and Forestry Committee, which
oversees the agency, that some tweaks need to be made,
particularly in fx futures oversight.
In addition there was some dispute about the status of
exchanges as self-regulatory organisations (SROs). John
Damgard, president of Futures Industry Association, differed
with Chicago exchange executives over self regulation and the
right of exchanges to change their rules. Damgard said such
freedom allows exchanges to make changes that can be
anti-competitive - by doing so apparently backing Euronext
Liffe in its dispute with Chicago Mercantile Exchange
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