CFTC May Consider Post-MF Global Changes by Summer, Chilton Says
The U.S. Commodity Futures Trading Commission may consider changes to futures industry reporting by summer to improve investor protection following the collapse of MF Global Holdings Ltd., Commissioner Bart Chilton said.
It is “very realistic” that the CFTC could vote by early summer on changes to reporting requirements for futures brokers recommended by the National Futures Association, an industry self-regulatory organization, Chilton said today in a Bloomberg Television interview.
The NFA proposal would require a principal of a futures broker to approve any transfer of customer funds not made for the customer and those that exceed 25 percent of the firm’s excess segregated or secured funds. The proposal would also require more frequent spot checks of futures brokers.
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