Opening Statement, Open Meeting on the Eighth Series of Proposed Rulemakings under the Dodd-Frank Act

CFTC Commissioner Jill Sommers explains her reasons for opposing the CFTC's proposed rule regarding swap execution facilities, noting that the proposed rule requires that an SEF provide market participants "with the ability to post both firm and indicative quotes on a centralized electronic screen accessible to all market participants who have access to the swap execution facility," something that in her view is not mandated by Dodd-Frank and may limit competition by shutting out applicants who wish to offer request for quote services without this functionality. She also reiterates her opposition to the position limit rule proposal, arguing that the Commission does "not have the data we need to effectively set position limits."

Date
December 15, 2010

Cross Reference (links require a Cabinet subscription)
Dodd-Frank Act, Title VII, Secs. 723 and 737; new CEA Sec. 2(h)(8)