Futures Group Calls CFTCAnti- Disruptive Proposal 'Overly Vague'

摘要

The Commodity Futures Trading Commission's (CFTC) proposed rule aimed at averting disruptive practices in the swaps market is “overly vague,” the Futures Industry Associa- tion (FIA) told the agency. Section 747 of the Dodd-Frank Wall Street Reform Act, which was signed into law in July (see NGI, July 26, 2010), “is vague and potentially broad enough to capture many legitimate trading activities. The language has the very real potential to harm market quality by chilling market partici- pation, stifling liquidity and increasing spreads,” said FIA, which represents futures commission merchants. These are brokers that accept orders and payment for commodity futures for execution on a futures exchange.