FIA President John Damgard provided members of the Senate Agriculture Committee with the FIA perspective on the implementation of the Dodd-Frank Act at a hearing on June 15. Damgard emphasized the importance of international harmonization of derivatives regulation in order to ensure a level playing field, and urged the Commodity Futures Trading Commission to avoid duplication by recognizing “comparable” regulation in foreign jurisdictions, as it has done with futures for more than two decades. Damgard also stressed the complexity of the proposed reforms and urged the CFTC to provide the public with an opportunity to review the whole “mosaic” of proposed rules before they are finalized.
