It happens that the U.S. lets futures exchanges regulate themselves under the umbrella of the Commodities Futures Trading Commission.

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And Tsang proposed that Tung be authorized, when the public interest was under threat, to direct not only the Securities and Futures Commission, the government's market watchdog, but also the stock and futures exchanges and the stock clearing corporation, which are ostensibly private-sector bodies.

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These people contend that his background was a much better fit for the firm's traditional business of trading futures on exchanges for clients, rather than its aspirations under Mr. Corzine to become a full-service investment bank that could nimbly trade various financial instruments.

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