USFE unlikely to change stance in response to Chicago takeover

30 Oct 2006

US Futures Exchange (USFE), the joint US derivatives exchange venture between Man Group and Eurex, was last week unlikely to alter its strategy in light of the proposed takeover of Chicago Board of Trade (CBoT) by Chicago Mercantile Exchange (CME) to create what would be known as CME Group.

"USFE will not compete with existing US futures exchanges for two reasons. Firstly, it...

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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.