The U.S. Commodity Futures Trading Commission today approved the creation of LabCFTC, a new initiative aimed at promoting responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees. Located in New York LabCFTC will also look to accelerate CFTC engagement with FinTech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently.
Today, in response to the Commodity Futures Trading Commission’s (CFTC) supplemental notice of proposed rulemaking regarding Regulation AT, FIA and the FIA Principal Traders Group (FIA PTG) submitted comments opposing overly prescriptive regulation of automated trading.
The annual International Futures Industry conference in Boca Raton, Fla. highlighted what the industry hopes to be a return of balance on the regulatory front. FIA President and CEO Walt Lukken, in his opening remarks, talked about how the pendulum had swung too far in the direction of proscriptive rules since the 2008 credit crisis thanks in part to the 22,000 separate Dodd-Frank Act rules, and that it was time for balance. Lukken said that the industry’s innovative muscles had atrophied due to the deluge of regulations and that it was time “to get back to the gym.”