The Commodity Futures Trading Commission (CFTC) has re-written its strategic plan for 2011-2015 to address new challenges codified by the Dodd-Frank Act. The public has been invited to comment on that plan, but the period for making comments ends on Thursday, March 31.
According to the CFTC, the number of market participants, financial sophistication and number of listed futures and options contracts have transformed the industry into a $30 trillion behemoth.
"In addition to the rapid growth of the futures marketplace, the global economy has also seen the
development of a new derivatives market – the OTC swaps market," the regulator stated in its proposed plan. "The first OTC derivative transaction took place in 1981. Since then, the swaps market has grown to $300 trillion notional amount in the United States."
The report continued: "The [CFTC] must remain vigilant in its transformation management and deployment of technology to ensure it is well positioned, organized and aligned with the capacity and capability to accomplish the implementation of Dodd-Frank and achieve success in all aspects of its expanded mission."
Numerous comments regarding the strategic plan have already been submitted.
To make a comment on the plan, visit the CFTC's website.