Law360, New York (February 8, 2008, 12:00 AM EST) -- A U.S. Department of Justice staff letter recommending that futures exchanges be barred from controlling their own clearing mechanisms has come under fire from lawmakers, after the announcement disrupted the markets and sent stocks tumbling.
Two Illinois Democrats, Sen. Dick Durbin and Rep. Rahm Emanuel, sent the DOJ a letter on Thursday expressing staunch disapproval of the letter, which came just six months after the agency cleared the merger between the Chicago Mercantile Exchange and the Chicago Board of Trade.
“The opinions in DOJ's comment letter...
DOJ Chided For Comments On Futures Exchanges
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