Exchanges defend status after demutualisation, IPO
Industry officials in the US last week continued the debate
over the status of self-regulatory organisations (SROs) and
exchanges' ability to self-govern as for-profit or publicly
traded companies (see FO Week Vol 10 No 47).
The debate between Futures Industry Association (FIA)
president John Damgard and various exchange officials was
reignited as both sides outlined their positions at the
Commodity Futures Trading Commission (CFTC) hearing on SROs on
Damgard has advocated changes that would maintain a 50/50
split between independent and exchange-connected directors on
SRO boards to eliminate conflicts of interest. However,
exchange officials countered that the SRO system has continued
to work well and that any perceived conflicts of interest have
not been backed up by facts.
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