James E. Newsome, acting chairman of the Commodities Futures Trading Commission, praised the Commodities Futures Modernization Act of 2000 but said many implementation hurdles — particularly with respect to trading single-stock futures — remain before the act takes full effect in August. Speaking today at the International Futures Industry Conference in Boca Raton, Fla., Mr. Newsome said the CFTC would work with the SEC to achieve what he called "outcome-neutral regulation action.”
"New regulations approved in the CFMA should enforce policies without implementing inflexible regulations that quickly become outdated and ineffective,” he said.
Mr. Newsome, whom many believe will be named the next chairman of the CFTC by President Bush, said implementation of the CFMA is his highest priority.