Greg Wood, chair of FIA’s Market Access Committee, testified before the House Agriculture Committee on the CFTC's proposed rules on automated trading, or Reg AT. Wood was joined by Richard Gorelick of RGM Advisors, who serves on FIA PTG's executive committee. Iowa Public Television reported on the hearing and Wood and Gorelick's testimony.
"Both witnesses and representatives were concerned that adhering to the regulations would force small traders, such as local co-ops, out of futures markets. The benefits of automated trading, to customers, has been a lowering of costs in the trading process," Iowa Public Television reports.