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CLS Bank, the organisation that settles about 75% of foreign exchange trades, wants to extend the coverage of its trade repository for the currency market, hoping to capture an even greater market share.
“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.