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There are several ideas that might be preferable to a complete merger of the SEC and CFTC, Commissioner Bart Chilton said. ‘A leap to wholesale merger … would ultimately be costly and inefficient’, he said in a speech held in
The SEC and CFTC are fundamentally different for a reason: they regulate fundamentally different markets, Chilton said. The debate should focus on tailored responses to the specific concerns raised in the Blueprint.
“As markets change and evolve, it is incumbent upon regulators to do the same, and that is where we as regulators need to focus our efforts”, the Commissioner said. The recently signed ‘Regulatory Memorandum of Understanding’ between the CFTC and the SEC “is our “blueprint” for how to address issues of mutual concern.”
"The CFTC and SEC can address issues of new products, portfolio margining, dually-regulated products, for example, by ourselves", Commissioner Chilton made clear. "We need not trouble Congress, or other regulators for intervention to address these issues."