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CFTC to Face Critics at House Hearing

GFI and coalition of trading platforms say CFTC rules threaten the viability of the swaps market.

By Silla Brush, Bloomberg | Updated on December 12, 2012

U.S. Commodity Futures Trading Commission rules will face criticism at a congressional hearing from segments of the derivatives industry for helping exchange-traded futures and hurting over-the-counter swaps.

GFI Group Inc., a New York-based interdealer broker, and a coalition of trading platforms including one operated by Bloomberg LP told a U.S. House Financial Services subcommittee in written testimony for a hearing today that CFTC rules threaten the viability of the swaps market. The companies say futures face fewer customer protections and less stringent margin rules.

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