CFTC, industry debate SRO issue

Industry officials in the US last week continued the debate over the status of self-regulatory organisations (SROs) and exchanges' ability to self-govern as for-profit or publicly traded companies (see FO Week Vol 10 No 47). 

The debate between Futures Industry Association (FIA) president John Damgard and various exchange officials was reignited as both sides outlined their positions at the Commodity Futures Trading Commission (CFTC) hearing on SROs on 15 February.

Damgard has advocated changes that would maintain a 50/50 split between independent and exchange-connected directors on SRO boards to eliminate conflicts of interest. However, exchange officials countered that the SRO system has continued...