UPDATE: CFTC Says CME's Exchanges Need More Compliance Staff
August 31 2011 - 4:06PM
Dow Jones News
The Commodity Futures Trading Commission reiterated Wednesday
that CME Group Inc. (CME) needs to add more compliance staff to
oversee its commodity exchanges.
"The compliance staff dedicated to the exchange was unchanged
since the division's last review, despite a significant increase in
trading volume and products traded," the CFTC said in a
statement.
The CFTC made the same recommendation a year ago during its
routine rule-enforcement review of the Chicago Mercantile Exchange
and the Chicago Board of Trade.
This current review looked at trading in 2009 at the New York
Mercantile Exchange and the Commodity Exchange, which both merged
with CME in 2008. Each exchange maintains independent exchange
status, but both are policed by one central compliance department
at the CME.
The CFTC's Division of Market Oversight recommended that CME add
compliance staff because of an increase in trading volume as well
as types of products traded.
CME had done a good job of harmonizing trading rules at its four
exchanges, the commission added.
The CFTC also recommended that CME issue disciplinary decisions
promptly after a hearing and better document those decisions. The
commission also urged CME to impose "meaningful" sanctions on
members to discourage repeat offenses.
-By Jamila Trindle, Dow Jones Newswires; 202-862-6684;
jamila.trindle@dowjones.com
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