Congressional ag leaders write CFTC on futures rule
September 26, 2013 | 04:54 PM
The chairmen and ranking members of the House and Senate Agriculture committees have written the members of the Commodity Futures Trading Commission that they should take great care in finalizing the rule on customer protections.
“[A]s you work to finalize the rule on customer protections, we ask that you carefully weigh the benefits of these regulations against both the costs to America’s farmers and ranchers and the potential impact on consolidation in the [futures commission merchants] industry,” the letter says.
“In making this determination, we ask that you carefully consider the consequences to changing the manner or frequency in which ‘residual interest’ — or capital — an FCM must hold to cover customer positions — is calculated,” they wrote the commissioners on Wednesday.
“[A]s you work to finalize the rule on customer protections, we ask that you carefully weigh the benefits of these regulations against both the costs to America’s farmers and ranchers and the potential impact on consolidation in the [futures commission merchants] industry,” the letter says.
“In making this determination, we ask that you carefully consider the consequences to changing the manner or frequency in which ‘residual interest’ — or capital — an FCM must hold to cover customer positions — is calculated,” they wrote the commissioners on Wednesday.
