For Release: May 16, 2007
CFTC Sends Delegation to India to Provide Technical Assistance to the Forward Markets Commission
Washington, D.C. – The Commodity Futures Trading Commission (CFTC) announced today that it will be sending a delegation of senior staff to Mumbai, India, May 23 - 29, 2007 to provide technical assistance to the Forward Markets Commission (FMC).
Commenting on the announcement, Chairman Reuben Jeffery III, said:
"This technical assistance program fosters on-going cooperation between the CFTC and the FMC. Domestic and foreign market participants benefit from developed markets which are financially sound and that are free from abusive practices."
The CFTC and the FMC entered into a Memorandum of Understanding regarding futures regulatory cooperation and the provision of technical assistance in October of 2006. CFTC and FMC share the goal of building and maintaining open, efficient and financially sound futures and options markets and recognize that the development of effective domestic legal and regulatory structures is essential to market integrity and investor protection. This technical assistance program, provided by the CFTC and funded by the United States Agency for International Development (USAID), will benefit FMC staff as well as futures exchange representatives and industry professionals from all over India.
The training will focus on the following:
- Product development - contract design;
- Enforcement issues through the use of case studies;
- Market surveillance and compliance issues;
- Trade practice surveillance and investigation issues; and
- The clearing process and the use of intermediaries.
R. David Gary
Last Updated: May 22, 2007