FIA has urged the CFTC to take a "technology-neutral" approach and focus on "outcomes and use cases" rather than the technology itself. FIA also urged the CFTC to consider the applicability of its existing rules and regulations before presupposing that new, AI-specific regulations are needed.
In a letter filed with the Commodity Futures Trading Commission (CFTC) today, the FIA Principal Traders Group (FIA PTG) joined FIA, CME Group and Intercontinental Exchange in responding to the CFTC’s request for comment on the uses of artificial intelligence in derivatives markets. The letter commends the CFTC for seeking public input and hopes this is the first of many steps the CFTC will take to better understand any potential, risks, and use cases for AI.
CONTINUE READINGFCMs are currently relying on no-action relief that allows them to separately margin accounts of the same beneficial owner. This rule marks the second attempt by the CFTC to codify that relief. FIA’s letter asks the CFTC to codify the relief as written without laying on additional highly prescriptive requirements that limit FCM discretion to risk manage accounts.
CONTINUE READINGUnder current rules, US-based commodity pool operators, commodity trading advisers, futures commission merchants and prop firms can directly access Foreign Boards of Trade. The pending rule would include US-based introducing brokers among the permissioned registrants. FIA’s letter supports the proposed expansion, noting that adding introducing brokers to the mix should provide more brokerage options for US customers and promote liquidity in foreign products.
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