CFTC's O'Malia blasts rule-making process

Scott O'Malia, a member of the Commodity Futures Trading Commission, said the agency has "no specific plan or strategy" for implementing rules for the derivatives markets. He expressed frustration with two proposed rules related to client documentation and clearing member risk standards because they had yet to be discussed in the rule-making process. "To be clear, the failure to produce a final rule schedule and implementation plan the next time the commission meets on August 4th will render public input irrelevant as the commission barrels through with final rules this fall," O'Malia said.

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