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
Why UPIs could spell goodbye for OTC-Isins
Critics warn UK will miss opportunity to simplify transaction reporting if it spurns UPI
EC’s closing auction plan faces cool reception from markets
Participants say proposal for multiple EU equity closing auctions would split price formation
Fed pivots to material risk – but what is it, exactly?
Top US bank regulator will prioritise risks that matter most, but they could prove hard to pinpoint
Hopes rise for EU re-entry to UK swaps market
EC says discussions on draft decision softening derivatives trading obligation are ‘advanced’
BoE’s Ramsden defends UK’s ring-fencing regime
Deputy governor also says regulatory reform is coming to the UK gilt repo market
Credit spread risk: the cryptic peril on bank balance sheets
Some bankers fear EU regulatory push on CSRBB has done little to improve risk management
Credit spread risk approach differs among EU banks, survey finds
KPMG survey of more than 90 banks reveals disagreement on how to treat liabilities and loans
Bowman’s Fed may limp on by after cuts
New vice-chair seeks efficiency, but staff clear-out could hamper functions, say former regulators