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March 1, 2013

“CFTC Rules Must Protect Main Street Pockets, Not Wall Street Profits”


Better Markets, Inc. sent a letter to CFTC Commissioners today addressing baseless claims that proposed derivatives markets rules would increase costs and decrease flexibility in the markets. 

“[T]he dark, unregulated over-the-counter (‘OTC’) derivatives market was a major component of the shadow banking system, where the last financial crisis was invisibly incubated, ignited the financial conflagration, and acted as a conveyor belt to transmit the crisis throughout the U.S. and global financial system.  That crisis has cost trillions of dollars and caused economic wreckage across our country.  The CFTC’s proposed SEF rules, including in particular those related to RFQs, are critical to bringing long-overdue transparency, regulation, fair competition, and systemic stability to those markets,” Dennis Kelleher, President and CEO of Better Markets, said in the letter, a copy of which is attached.

Also attached is the press release Better Markets issued yesterday on the same subject.

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