Nymex to pare down staff

28 Aug 2006

New York Mercantile Exchange (Nymex) sent a letter to staff offering voluntary redundancy packages after it planned to cut about 25% of its staff in preparations for the exchange's upcoming IPO.

The note went out to employees in mid-August as part of its voluntary separation policy, a source close to the exchange said, and has led to speculation that large cuts would be made ahead of upcoming...

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“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”

The CFTC's Michael Dunn pleads for Congressional support over the regulator's budget.