Thank you for the opportunity to address you all today while you attend NFA’s regulatory seminar for CPOs and CTAs. I applaud you for your attendance at this meeting because I believe it shows a commitment not only to your businesses, but more importantly to the customers you represent and advise. With topics such as disclosure documents, sales practices, and the audit process, it is clear to me that you are willing to work to ensure that your business practices meet the expectations that NFA and the CFTC has set for you. I would also like to thank those responsible at NFA who invited me to this seminar. The CFTC could not have a better partner than the NFA to help us meet our core mission to protect the market and its users from fraud, abuse and manipulation.
We are at the cusp of momentous change in Washington that will affect how anyone using this country’s financial markets does business. The Obama administration and Congressional leaders have each listed financial reform as one of their top priorities. If we have learned anything from the financial crisis, it is that there must be a fundamental reevaluation of risk and regulation in derivatives markets by both Congress and the country’s financial regulators.
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