CBOT Applauds CFTC Chairman's Progressive Reform Agenda

The Chicago Board of Trade today praised Commodity Futures Trading Commission Chairman William Rainer for his speech to industry leaders outlining an aggressive and proactive agenda to bring fairness to U.S. futures markets by supporting reform of outmoded regulations on futures trading. In a speech to the annual Chicago-Kent College of Law Conference on Derivatives, Chairman Rainer outlined a progressive agenda for the CFTC. He said his goal is to move the CFTC "from being a frontline to being an oversight regulator," and he said equalizing regulation of exchange products and Over-the-Counter products is important. Following is a statement from CBOT Chairman David P. Brennan and President/CEO Thomas R. Donovan on Chairman Rainer's remarks: "We applaud Chairman Rainer's progressive vision for regulation of U.S. futures markets. The principles of fairness and efficiency Chairman Rainer embraces are the foundation of the regulatory reform guidelines the CBOT has proposed for the last 10 years. "Chairman Rainer is absolutely right to aim at making the CFTC an 'oversight regulator' instead of the micromanaging bureaucracy it has become under his predecessors. With CEA reauthorization next year, the window for concrete reform is open, and we look forward to continue working with Chairman Rainer, the CFTC, and the Congress to ensure a level playing field for U.S. exchanges in the global market."