CFTC Remarks February 11, 2011 CFTC Commissioner Scott O'Malia issues a dissent from signing the fiscal year 2012 budget request for the CFTC, which requests a 45% increase in federal spending from FY'11 levels, and provides for the hiring of 316 additional Full Time Equivalent employees in FY'12 and an additional 218 contractors. O'Malia complains that "this budget fails to outline a specific strategy for implementation of the Dodd-Frank Act that utilizes technology as a means to leverage budgetary and staff resources in fulfilling the Commission's oversight and surveillance responsibilities

Bloomberg February 10, 2011 The CFTC warned Congress it may be forced to lay off at least 35 from a staff of about 700 next month unless it gets an emergency infusion of $31 million, according to two people familiar with the commission's budget problems. Cross References Dodd-Frank Act, Title VII

Financial Times February 10, 2010 US regulators will miss a July deadline set by Dodd-Frank legislation for some of the rules on newly policed swaps markets, the head of the main derivatives regulator has said. Gary Gensler, chairman of the CFTC, said the regulator was still working towards the deadline, but that some of the rules will be put in place after July, and that "We don't have the budget for implementation." There are concerns that these users might still be subject to margin requirements, however. "There is a growing concern among end-users that they will be subject to margin

Reuters February 10, 2011 Traders in physical commodity markets from grains to oil to sugar and gas are worried that a U.S. government push to regulate opaque over-the-counter trading will disrupt their business. At issue is scrutiny by the CFTC on trading by cash merchants of contracts for things like grain barges or oil tank cars, as "paper" commodities. One grain merchandiser explained that the problem is lack of CFTC definition now that could bite traders later. "The rule says if you have the physical intent to deliver then it's not a swap. But what happens is everybody has physical intent

February 10, 2011 Robert Pickel, Executive Vice Chairman of ISDA, testified before the U.S. House of Representatives Committee on Agriculture regarding implementation of Title VII of Dodd-Frank.