CFTC proposes new account class for OTC derivatives

14 Aug 2009

The Commodity Futures Trading Commission has proposed an amendment to its rules to create a new account class for over-the-counter derivatives. The new class would include derivatives that a futures commission merchant (FCM) holds on behalf of customers and submits through a central counterparty (CCP) for clearing.

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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.

CFTC proposes new account class for OTC derivatives

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