Commodity Futures Trading Commission (CFTC) Commissioner Scott D. O’Malia announced his retirement from the agency effective Aug. 8, 2014 in a letter to President Obama today.
O'Malia often was at odds with the recent Gary Gensler led commission, fighting for a stronger adherence to cost-benefit analysis rules. Earlier this year at the Commodity Markets Council’s State of the Industry 2014 Conference in Miami, O'malia said, “There are a handful of rules where the Commission has failed to carefully consider the impact to end-users due to the lack of appropriate cost-benefit analysis.”
Futures Industry Association President and CEO Walt Lukken thanked O’Malia in a statement released shortly after the announcement. "On behalf of FIA, I want to thank Commissioner O’Malia for his energy, enthusiasm and commitment to public service," said Lukken. "Scott was always willing to roll up his sleeves and dive into complex regulatory issues, and under his leadership the CFTC’s Technology Advisory Committee has developed into a remarkably effective forum for thoughtful discussion on the technological innovations that are transforming our industry. I also want to thank him for his efforts to bring the end-user perspective into the regulatory dialogue, particular with respect to Dodd-Frank, and for his emphasis on the value of empirical data in the rule-making process. I wish him all the best in the next phase of his career.”
About the Author
Editor-in-Chief of Modern Trader, Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange. Dan joined Futures magazine in 2001, before the name change to Modern Trader, and in 2005 he was promoted to Managing Editor, responsible for overseeing all the content that went into Futures and futuresmag.com. Dan’s incisive reporting and no-holds barred commentary places him among the most recognized national media figures covering futures, derivative trading and alternative investments.