Walt Lukken, who steps down as acting chairman of the US Commodity Futures Trading Commission today (January 20), said he hoped the new administration of President Barack Obama would completely restructure financial regulation on the lines suggested by Hank Paulson and Paul Volcker.
In an exclusive interview with Futures and Options Intelligence on his last day in office, Lukken backed the idea of three major authorities – one to ward off systemic risk, one to ensure market integrity and one to protect investors.
This plan is similar to those advocated last year in treasury secretary Paulson’s Blueprint and ex-Federal Reserve chairman Volcker’s Group Thirty Report.
“There has to be much more coordination among the regulatory authorities going forward,” Lukken said. “Whether that means they have to be under one roof, such as the [UK] Financial Services Authority, or several roofs, which is what I suggested. It’s...