Celent released its report last week, as foreign regulators warned the U.S. CommodityFuturesTradingCommission(CFTC) that its proposed new derivatives rules could brutalize global markets.
Both the Securities and Exchange Commission (SEC) and the CommodityFuturesTradingCommission(CFTC) have requested significant budget increases to ensure that they are not forced to compromise existing services.
The new regulation is a part of the Dodd-Frank financial reform act, under which the CommodityFuturesTradingCommission(CFTC) proposed rules for how OTC derivatives clearing houses should be regulated.
That explains this satirical comment letter just published by the CommodityFuturesTradingCommission, sent by Philip McBride Johnson, a former chair of the CFTC.