Newsome leaves CFTC to head up Nymex
James Newsome has quit as chairman of the US Commodity Futures Trading Commission (CFTC) to head up the New York Mercantile Exchange (Nymex), a CFTC spokesman told RiskNews’ sister publication Energy Risk . Newsome’s resignation is effective from July 23, and he will be president of Nymex from August 2, replacing Bo Collins. Collins left at the end of June due to a reduction of his compensation package, said a source at the exchange.
Newsome said: “Serving President Bush and the public as chairman during a period of record growth and change in the US futures markets has been an honour. I will always be grateful for this opportunity. I believe the foresight of the Congress in passing the Commodity Futures Modernization Act of 2000 [CFMA] has contributed to this growth, and I expect the trend to continue with the strong foundation provided by that important legislation.
“I am very excited to be given the opportunity to serve as president of the New York Mercantile Exchange,” added Newsome. “Nymex is a valuable franchise that effectively serves the risk management and price discovery needs of the energy and metals industries. I look forward to building on the successes of the exchange and have confidence that we will be able to do just that.”
During Newsome’s tenure at the CFTC, the number of contracts traded on US futures exchanges has more than doubled on an annual basis, said the Commission. Newsome was a strong supporter of the CFMA, which transformed the Commission’s regulatory structure from one governed by prescriptive rules to one guided by broad core principles, added the CFTC.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Regulators better prepared for next Credit Suisse, says SRB head
FSB strengthening guidance on international co-operation, but EU needs more mutual support
From Pillar to Pillar… to post: where now for op risk in Europe?
Experts think enhanced Pillar 2 charge informed by Dora would be more useful than a blunt Pillar 1
PRA struggles to follow Fed’s FRTB modelling moves
Market risk experts say minor differences in US rules add up to more incentives for IMA adoption
Lifeline keeps Europe’s hopes afloat for single-sided reporting
Despite Esma’s proposal for delegated reporting of trades, the industry may yet get its wish
EU’s plan to get competitive faces big legislative hurdles
Large and controversial legislative package may be too amorphous to deliver results quickly
FDIC relearns SVB lessons in resolution tinkering
Paring back requirements gets thumbs up from some, but concerns linger
Stablecoin consortia may be ‘interim’ step to solo bank issuance
Former Citi payments head and Ubyx founder says all G-Sibs will issue their own coins
Report once: will Esma’s €1bn reforms deliver the full picture?
Critics say plan to merge three reporting regimes will see scant returns, and won’t mesh with single-sided reporting