According to the Futures Industry Association (FIA), its reporting solution will represent a âpractical and cost-effectiveâ alternative to the CFTC proposals.
The program, which has received input from all the US exchanges as well as 16 firms, is designed to be less expensive and time-consuming to implement due to its reliance upon information already available within the existing reporting system.
FIA has criticised the CFTCâs proposals claiming that the solution would require a structural overhaul as well as leading to âsignificantâ extra costs.
John Damgard, FIA president, said: âWe recognize and support the CFTCâs need to develop a more robust trade practice and market surveillance program.
âThe FIA OCR working group has devoted considerable time to developing an industry solution that we hope will meet the commissionâs goal, but CFTC feedback is critical to the progress of the initiative.â
Proposals unveiled by the CTFC in July to overhaul control systems would involve the creation of reporting entities to collect information and provide daily correlations to the trade register.
By Jim Ottewill