A letter from four financial trade associations objecting to planned amendments to the oversight of retail FX transactions as part of the reauthorisation of Commodity Futures Trading Commission (CFTC) has been sent to the Senate's agriculture committee.
The letter originated from Futures Industry Association (FIA), Bond Market Association, International Swaps and Derivatives Association and Securities Industry Association. Their central objection was that the draft of reauthorisation legislation could leave CFTC with jurisdiction over trading areas that it would not be sufficiently resourced to adequately oversee.
The letter said, "Of primary concern? are provisions that would modify the so-called Treasury amendment [to the 2000 commodity futures modernisation act (CFMA)] - provisions painstakingly crafted to balance the differing interests of all federal financial regulators."
FIA president John Damgard told FO Week...