President Obama's proposal "Financial Regulatory Reform: A New Foundation," released June 17, packs a few punches for the futures industry. And some major proposals from the Commodity Futures Trading Commission (CFTC) on speculation limits for energy markets and capital requirements for futures commission merchants (FCMs) are creating a buzz.rnObama's proposal calls for a "harmonization" of the CFTC and Securities Exchange Commission (SEC). The CFTC and SEC must make recommendations to Congress on how to eliminate differences "with respect to similar types of financial instruments that are not essential to achieving investor protection." The two agencies must complete a report by Sept. 30. Otherwise, the matter will be forwarded to the soon-to-be created Financial Services Oversight Council.
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