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The Forex Edge by James Dicks

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CHAPTER 8COMMODITY FUTURES MODERNIZATION ACT

The Commodity Futures Modernization Act of 2000 (CFMA) was signed into law by President Clinton on December 21, 2000. The law represented a sweeping overhaul of the provisions of the Commodity Exchange Act (CEA). The law was prompted due to disagreements between two government regulatory agencies: the CFTC and the Securities and Exchange Commission (SEC).

When the SEC proposed easing its broker-dealer regulations for securities firms that were engaged in OTC derivatives, the CFTC objected, and a power struggle ensued. The CFTC questioned both the legality of derivatives for securities and the legality of oversight under the CEA.

The law addressed some vague areas regarding the status of OTC derivatives ...

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