Almost a year after taking the top post at CFTC, chairman Reuben Jeffery's agency still has not received Congress' blessing, also known as reauthorisation.
Reauthorisation is generally used as the road map of regulation for the next five years and serves as a benchmark of rules for the industry to follow. In terms of regulatory significance, it ranks second to 2000's Commodity Futures Modernisation Act (CFMA), which has been credited for bolstering the incredible growth of futures trading over the past several years. CFMA itself was quite late in getting legislative approval as others have been.
Meanwhile, and although the commission has continued to run rather smoothly without reauthorisation, CFTC spokesperson Alan Sobba said that Jeffery considers completion of the process "a top priority."
The current reauthorisation procedure got off to a good start, by most accounts, based on ideas presented by the President's working group, which is made up...