CME Group Inc. (CME) is urging the U.S. Commodity Futures
Trading Commission to delay adoption of rules set by the Dodd-Frank
law on Wall practices, saying the law is flawed and vulnerable to
legal challenges, Crain's Chicago Business reported Wednesday.
In a letter to the CFTC dated Aug. 29, CME Chief Executive Craig
Donohue called the commission's cost-benefit analysis of
implementing Dodd-Frank "cryptic and rote." He said the analysis
fails "to quantify any specific impacts to the industry or even
more generally assess the potential detrimental effects such
changes will have on the U.S. futures markets."
Donohue called on the CFTC to revise and reissue its analyses of
those rules and to allow time for additional comment.
The CEO also challenged the law's reach, saying Dodd-Frank "was
not intended to give the commission authority to override the
principles-based regulatory regime with a multitude of prescriptive
rules dictating not only how registered entities comply with
applicable core principles, but also how they conduct their
day-to-day business operations."
Full story at:
www.chicagobusiness.com/article/20110830/NEWS01/110839981/cmes-donohue-rejects-dodd-frank-act-urges-delay-on-laws-start
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