Former GFI head, commissioner Giancarlo sees five key problems with the key US regulatory reform
US Commodity Futures Trading Commissioner
Chris Giancarlo has criticised the Dodd-Frank Act and
highlighted five key problems with the controversial market
Giancarlo, a former senior manager at
broker GFI Group before being sworn in as CFTC commissioner in
June, said he supports the three principles of Dodd-Frank:
central clearing, swaps reporting and regulated swaps
But the commissioner told a meeting of the
US Commodity Markets Council in Florida he has some problems
with the detail of the regulatory reform and identified five
Rule 1.35 of Dodd-Frank has been revised
to require the keeping of oral and written records involved in
a commodities trade but Giancarlo believes this will hurt
smaller brokers used by American farmers.
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