William Brodsky, CEO of the Chicago Board Options Exchange (CBOE), has urged Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the two major financial markets regulators in the US, to merge – reported Reuters.
A few months ago, House of Representatives Financial Services Committee had been expected to bring forward the idea of the SEC-CFTC merger as part of its reforms in the financial industry. However, due to political opposition in Congress and from the agencies themselves, the administration’s reform plan released on June 17 had to be shelved for the time being.
Saying that CBOE also helps the administration’s goal of harmonizing the underlying statutes of SEC and CFTC, Mr. Brodsky said: “We support the reform proposal’s recommendation for the creation of a Financial Regulatory Oversight Council, chaired by Treasury, to resolve disputes between the SEC and CFTC,” reported the newspaper.
“CBOE agrees with the administration’s proposal that the Federal Reserve should take on the duty of regulating systemic risk in the economy. Consolidation of the agencies is the only truly comprehensive solution,” he added.
