Regulation for Traders to Be Proposed: Responding...

Regulation for Traders to Be Proposed: Responding to charges of cheating in U.S. futures pits, the head of the Commodity Futures Trading Commission said the agency will propose a bill by July 1 to require all traders to register with federal authorities. In a letter to Senate Agriculture Committee Chairman Patrick Leahy, CFTC Chairman Wendy Gramm said the agency will also propose regulatory changes in trade monitoring standards and dual trading by September if those changes are warranted. Some critics say exchanges, now required to keep track of all trades to the nearest minute, should be required to tighten the standard, called the audit trail, to prevent unscrupulous traders from cheating.