23 October 2017

Futures body takes on CFTC over data gathering proposals

02 September 2010  |  6627 views  |  0 zeroes

The Futures Industry Association has slammed regulatory proposals to gather more account information from market participants as "premature" and overly burdensome for the industry.

In a letter to the Commodity Futures Trading Commission dated 17 August but just published, FIA president John Damgard urges the rulemaker to abandon its proposals and instead establish an industry-wide committee to address the operational and record-keeping issues facing the industry.

In the letter, Damgard warns that the cost of developing the necessary record-keeping and reporting systems would impose a "significant burden" on futures commission merchants and noted that at present there is no industry-wide uniformity in the customer data that is being collected or the systems used to store such data.

The lobby group also points out that with many Futures Commissions Merchants reliant on third party software vendors such as SunGard GMI and Ion Trading to provide back office data management systems, the industry has no control over the costs that would be incurred - and passed on - in modifying these programs to meet the new reporting requirements.

The FIA also noted that the CFTC may want to postpone action until it can coordinate the collection of futures-related data with the data that it will begin collecting on the over-the-counter derivatives, as mandated by Congress in the Dodd-Frank financial reform legislation.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CFTC proposes co-location rule

CFTC proposes co-location rule

11 June 2010  |  9213 views  |  0 comments
FIA makes DMA risk management recommendations

FIA makes DMA risk management recommendations

30 April 2010  |  10305 views  |  0 comments
SEC and CFTC propose joint IT task force

SEC and CFTC propose joint IT task force

20 October 2009  |  7157 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.fivedegrees.nlvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
18336 views comments | 24 tweets | 36 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14867 views comments | 23 tweets | 31 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10783 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10231 views comments | 13 tweets | 10 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job