
CFTC asks Congress for greater powers over ECMs
The CFTC made a number of recommendations to align ECMs more closely with the stringent supervisory requirements for the regulated futures exchanges, otherwise known as designated contract markets (DCMs).
Included among the proposed changes are provisions for reporting large trader positions and the adoption of position limits and accountability levels, two measures DCMs already comply with, as well as emergency authority for the CFTC to alter and supplement contract rules to prevent manipulation and disruption of the cash-settlement process.
The report was submitted as Congress debates reauthorising the Commodity Exchange Act, the statute that gives the CFTC its authority.
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