FIA President and CEO Lukken Testifies at House Agriculture Committee Hearing
The President and CEO of the Futures Industry Association ("FIA"), Walt Lukken, testified before the House Agriculture Committee regarding enhancements to customer protections, the implementation of Dodd-Frank requirements related to the clearing of derivatives, and the current state of the derivatives industry. As to customer protection, Mr. Lukken indicated that significant progress had been made. As to clearing, he said that "most market participants welcome the broadened array of products available in a cleared environment," but that there is "wide-spread confusion" as to how the clearing mechanics actually function.