The Commodity Futures Trading Commission should merge with the Securities and Exchange Commission to create a more efficient and streamlined regulator, said Bill Brodsky, head of the Chicago Board Options Exchange, in Congressional testimony today.
The CBOE’s chairman and chief executive, who has worked for exchanges for 35 years, told the House of Representatives’ Committee on Financial Services on July 17 that he supported President Barack Obama’s plan to reform oversight of financial markets.
But he also said the time was right to combine the two regulators. He described the dual structure of financial regulation in the US as “inefficient and ineffective”.
“It has become increasingly clear over the past two decades that our system of regulating securities and futures under two distinctly different statutory structures – with separate regulatory agencies and different congressional committees – causes needless legal uncertainty and delay, impedes...