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March 20, 2012

CFTC’s Action a Victory for Main Street, A Message to Wall Street

Dennis Kelleher, president and CEO of Better Markets, made the following statement today on the Commodity Futures Trading Commission’s adoption of new customer clearing standards.

“In rejecting an anti-competitive industry proposal, the commission’s action today is a victory for financial reform.  Transparency, stability and a level playing field are going to benefit Main Street and taxpayers.  The commission sent a loud message to Wall Street:  no more dark markets and no more predatory behavior. This rule will enable many businesses to compete in clearing swaps, rather than just the five big banks that now control 96 percent of the derivatives business in the United States. The actions taken today will reduce conflicts of interest in an opaque industry, lower costs for customers who rely on swaps as part of their business plan, and protect taxpayers again from picking up the tab on another financial crisis.”

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