CFTC Proposes Volcker Rule

Jan 12 2012 | 5:07am ET

The Commodity Futures Trading Commission has finally acted on the Volcker rule, proposing a new regulation that would ban banks from trading their own capital and severely restrict their investments in alternative assets.

The CFTC voted, along party lines, to propose the measure. The regulator's rule is similar to a joint rule proposed last year by the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Securities and Exchange Commission. Those four regulators extended their comment period on that proposal until next month in an effort to coordinate with the CFTC, whose own proposal is subject to a 60-day comment period.

"I think our role here is important, it's significant, but it's actually just a supporting member," Chairman Gary Gensler said. "The bank regulators have the lead role."

Scott O'Malia, one of the two dissenting Republicans on the panel, disagreed, calling the rule "so bad it really merits re-proposal."


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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