Senators attack CFTC report while Greenberger hits out at UKs FSA

Senators attack CFTC report while Greenberger hits out at UK’s FSA 22 Aug 2008

Four US senators have urged the inspector general of the Commodity Futures Trading Commission to investigate its recent oil market study. This had concluded that the record prices of the early summer were not driven by excessive speculation.

The demands were echoed by former CFTC director of trading and market supervision, Michael Greenberger, who this week, blamed the UK’s Financial Services Authority for the inadequate market supervision prompting the record highs.

Democrat senators, Maria Cantwell, Byron Dorgan, Bill Nelson and Ron Wyden sent a letter to CFTC inspector general Roy Lavik on August 14, questioning the CFTC’s role in an interagency task force interim...

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“Enhancing OTC market regulation is of critical importance, but it must be done in a way which allows markets to continue to fulfil their economic role”

Anthony Belchambers, chief executive, Futures and Options Association

FOi - Futures and Options Intelligence

Senators attack CFTC report while Greenberger hits out at UK’s FSA 22 Aug 2008

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