CFTC Chair ups funding request before Senate Subcmte on Fin'l Svs; hints at tighter oversight
First Published Friday, 10 July 2009 05:32 pm - © 2009 Need to Know News
Gensler cited specific problems areas that increasing staff and technology will address;
- Law Enforcement including Ponzi schemes and market manipulations
- cites Commodity Index Funds..other financial investors that participated in Commodity Bubble..Gensler suggests further breakdown of Non - Commercial open interests in Commitment of Traders report
- Ensure positions limits are consistently applied; CFTC has begun review fo all outstanding hedge position limits to consider appropriateness of exemptions; also reviewing process and standards thru which no action letters are issued...CFTC will also consider how much or whether Swap Dealers should be exempted from position limits
- Upgrade IT systems to produce surveillance reports for analysis
- Ensure timely review of new financial products
