Comment for Proposed Rule 76 FR 6095
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From:
BJ D'Milli
Organization(s):
US Citizen
Comment No:
27663
Date:
2/10/2011
Comment Text:
In a report on NPR about the CFTC, the reporter mentions that some regulators have to learn the complex reasoning that supports the derivatives contracts so they can regulate them.
See: http://www.npr.org/blogs/money/2011/02/10/133660842/forged-letters-and-other-stories-from-the-trenches-of-financial-regulation
I propose Rule #1 of the CFTC is that if you will ONLY be allowed to conduct these kinds of transactions if you can make regulators understand what you're doing. The onus is on the PROPOSAL, not on the US Government to figure out what you’re doing.
If you can't adequately explain the derivative contract to several regulators, your proposal is defeated, by default.
