Chilton supports new FX market rules as trading tops $4bn a dayBart Chilton, one of the five commissioners of the US Commodity Futures Trading Commission, has dubbed new CFTC rules to regulate FX derivatives “rules to rein in a racket”. Chilton said in a statement: “In recent years, mini-Madoff Ponzi scams have proliferated, targeting unsuspecting investors with good hearts and limited incomes. “Many of these fraudulent schemes have involved forex trading. Operating in the shadows of the legitimate forex market, regulators have focused on the types of illegal trading in this area that targets unsuspecting consumers, and bilks them out of millions of dollars annually,” Chilton said.On a day when global FX trading was estimated to have reached $4tr a day, according to new Bank for International Settlements figures, Chilton insisted new laws were needed to protect retail investors: “Toward that end, the CFTC has worked to craft rules that...