The trade group representing clearing agents and exchanges in the futures market says that the Commodity Futures Trading Commission has underestimated the costs of potentially requiring broker-dealers and clearing firms to record phone and electronic communications and store records.
The Futures Industry Association has recommended that the CFTC ask the regulator’s Technology Advisory Committee to analyze the effectiveness and “true” costs of existing recording technology. It also wants the CFTC to allow financial firms to rely on the records of trading platforms when complying with its recording and storage requirement.
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