CBT HITS CFTC'S FOREIGN FUTURES PROPOSALS
Proposed federal regulations
governing the sale of foreign futures and options contracts to
U.S. citizens would strap U.S. exchanges, an official of the
Chicago Board of Trade, CBT, said.
    Frederick Grede, CBT vice president of administration and
planning, told the Futures Industry Association that rules
proposed by the Commodity Futures Trading Commission, CFTC,
would "handicap the ability of U.S. exchanges and futures
commission merchants to compete internationally."
    The CFTC rules generally would require additional
registration and disclosure.
    Grede said that speculative positions, hedging and
aggregation do not exist on most overseas exchanges, and that
the regulations would impose onerous requirements relating to
the segregation of customer funds.
    CFTC Chairman Susan Phillips, acknowledging that the
proposal was "controversial," said the commission would
consider revising the proposals.             
 Reuter
