John Damgard, president of the Futures Industry Association, told a US Congressional hearing today that many elements of a bill introduced by Representative Collin Peterson would damage the US derivatives market and as such, the FIA would not support it.
Damgard was due to begin reading his prepared testimony to the House Agriculture Committee at 2pm Washington time today (Tuesday February 3). Peterson (Democrat, Minnesota) is chairman of that committee.
The US futures market’s senior spokesman said the FIA supported efforts to strengthen the Commodity Futures Trading Commission’s market surveillance capabilities and deter price manipulation. ...