Consensus and greater clarity regarding self-certification of new futures contracts apparent at MRAC meeting

By Brad Rosen, J.D. The first meeting of the CFTC’s Market Risk Advisory Committee (MRAC) convened under the sponsorship of Commissioner Rostin Behnam in Washington, D.C. to explore the regulatory processes and statutory framework in connection with the listing of new products through the self-certification on CFTC-regulated designated contract markets. The MRAC meeting came in the aftermath of a contentious dispute between stakeholders in the clearing firm community and the Chicago Mercantile Exchange, Inc. (CME) and the CBOE Futures Exchange, LLC over the self-certification and listing of Bitcoin related futures products in early December, 2017. The clearing firm community contended it was not given a meaningful opportunity to provide input and comment about the new and volatile products. This displeasure was reflected in an open letter from FIA CEO Walter Lukken to CFTC Chairman Giancarlo. Commissioner Benham, in his opening remarks at the MRAC gathering, made clear…

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