“Think before you merge” says CFTC chairman

30 Nov 2007

Walt Lukken, acting chairman of the Commodity Futures Trading Commission (CFTC) says Congress to be careful when considering consolidating his regulator with the Securities and Exchange Commission (SEC).

Lukken told an audience at the Futures Industry Association Expo in Chicago that the focus should be on the methodology of...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.