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SPEECHES & TESTIMONY

  • Opening Statement, Meeting of the Commodity Futures Trading Commission

    Chairman Gary Gensler

    February 24, 2010

    Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission to consider issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding:

    • Requirements for prompt and efficient processing for clearing and for the transfer of customer positions;
    • Conforming amendments to Part 4 of Commission Regulations regarding commodity pool operators and commodity trading advisors; and
    • Conforming amendments to Part 3 of Commission Regulations regarding registration of intermediaries.

    The Commission will not consider a proposed rulemaking today relating to swap data recordkeeping and reporting requirements for pre-enactment and transition swaps as was originally advised in the meeting agenda on our website.

    In addition to the proposed rulemakings, the Commission will consider an interpretive order regarding disruptive trading practices authority. The proposed interpretive order is one more step in the process. Staff also is working on a recommendation of a proposed rule concerning testing and supervision requirements related to algorithmic trading, based in part on recommendations from the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues and the CFTC’s Technology Advisory Committee.

    Before we hear from the staff, I’d like to thank Commissioners Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia for all their thoughtful work to implement the Dodd-Frank Act.

    I’d like to welcome members of the public, market participants and members of the media to today’s meeting, as well as welcome those listening to the meeting on the phone or watching the live webcast. This is the twelfth public meeting to consider Dodd-Frank rulemakings. We will schedule additional meetings next month. We will announce agendas for those meetings on cftc.gov at least one week in advance.

    Each of the teams has worked very hard on the rulemakings that the Commission is considering today. They will present thoughtful recommendations for how the Commission can best comply with its statutory obligations under the Dodd-Frank Act.

    We look forward to receiving public comments on the proposed rules we are considering today. The two rules, as well as fact sheets and “Questions and Answers” on the rules, will be posted on our website shortly.

    Now I’d like to turn to my fellow commissioners for their opening statements.

    Last Updated: February 24, 2011



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