CME Exec Blasts Proposed CFTC Rules At Senate Hearing

Law360, New York (July 17, 2013, 7:27 PM EDT) -- The U.S. Commodity Futures Trading Commission has gone too far in proposing rules to protect customer funds and risks "severe" changes to commodity markets should those rules go through, CME Group Inc.'s executive chairman told a Senate panel on Wednesday.

Appearing before the U.S. Senate Committee on Agriculture, Nutrition and Forestry, CME Group's Terrence A. Duffy faulted as impractical a proposed rule from the CFTC requiring futures commission merchants to to have funds in separate accounts exceeding the margin deficiencies of their customers.

"It does not...
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