Commodity Futures Trading Commission (CFTC) last week tried
to set market participants' minds at rest as it tackled the
increasingly complex question regarding the regulation of
foreign boards of trade. However, observers suggested that an
industry hearing, held by the commission on 27 June, could
still lead to a change in the way it handles no-action letters
in the future.
The hearing, at which all the major exchanges as well as
industry groups and regulators from the US and Europe were
represented, addressed the dilemma of what makes an exchange
foreign or domestic as well as possible solutions to the
question of granting no-action relief letters to foreign
exchanges in the US.
In his introductory remarks, CFTC chairman Reuben Jeffery
assured participants that the commission was committed to "a
competitive level playing field," adding that it "supports both
technological advances and globalisation, and views these
developments as good for US customers and constant with its
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