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Board Dust-Up at U.S. Futures Overseer Said to Draw CFTC Review

The U.S. derivatives industry’s front-line regulator is entangled in a dispute with one of its board members who says the group held flawed director elections that compromise its independence.

The National Futures Association, an industry-funded overseer, is clashing with James Koutoulas over his allegations that the group tried to cover up the fact that it never nominated a slate of directors who joined the board last year. Koutoulas said the market’s main federal regulator, the Commodity Futures Trading Commission, is investigating his claims after he filed a whistle-blower complaint.