The US CFTC and India's FMC signs tech cooperation agreement

Source: Commodity Futures Trading Commission, Forward Markets Commission of India

The U.S. Commodity Futures Trading Commission (CFTC) and the Forward Markets Commission of India (FMC), the Indian commodities regulator, entered into an Arrangement Regarding Regulatory Cooperation and Technical Assistance (Arrangement) on October 18, 2006. CFTC Chairman Reuben Jeffery III and FMC Chairman Shri S. Sundareshan signed the Arrangement in Mumbai, India.

According to the Arrangement, the CFTC and FMC share the goal of building and maintaining open, fair, efficient and financially sound futures and options markets and recognize that the development of effective domestic legal and regulatory structures is essential to market integrity and investor protection. Further, the CFTC and FMC desire to establish a mutually acceptable basis for cooperation, consultation and the provision of technical assistance.

In commenting on the CFTC's latest international Arrangement, CFTC Chairman Jeffery stated: "By entering into this Arrangement, our agencies are indicating their commitment to the importance of market integrity and investor protection. We are pleased to share our expertise, and we look forward to a productive relationship with the Forward Markets Commission of India. This Arrangement, building on the prior understandings that the CFTC has entered into with the Securities and Exchange Board of India, enhances our ability to work with the Indian authorities on a wide range of issues at a time when each of our respective markets is experiencing enormous growth."

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