FIA asks CFTC to investigate breach of confidentiality

The following is from the FIA...

On Aug. 25, the Futures Industry Association submitted a letter to the Commodity Futures Trading Commission asking the agency to investigate whether any of its rules governing the handling of confidential data have been violated. A copy of the letter also was sent to the two Congressional committees that have jurisdiction over the CFTC.

In the letter, the FIA expressed its very strong concern about an article recently published in the Wall Street Journal that contained confidential data about positions held by individual firms in the commodity derivatives markets.

As stated in the letter, this incident “poses a serious threat to the confidence of market participants in the CFTC’s ability to protect proprietary information; raises troubling questions about the role of Congress in handling such information; jeopardizes the CFTC’s future ability to obtain cooperation in data collection and market surveillance; and undermines the agency’s ability to work cooperatively with its counterparts in overseas jurisdictions.”

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