SIA and FIA Submit Comments to the US House Financial Services Committee on CFMA Rulemakings to Permit Full-Scale Trading of Security Futures
The Securities Industry Association (SIA)* and the Futures Industry Association (FIA) provide comments to the U.S. House Financial Services Committee on theimplementation of certain provisions of the Commodity Futures Modernization Act of 2000 (CFMA). Specifically, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will have completed the rulemakings necessary to permit full-scale trading of security futures by December 21, 2001. The groups note thatdue tothe tragic events of September 11, 2011, the damage done to data processing and communication systems,and the requirements of the rulemakings the period for implementation is far too short.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.