CFTC's Sommers: Blocking FIA-Isda document was "huge waste of resources"
A proposal prohibiting an Isda-FIA clearing document highlights rift within CFTC, with Republican appointees claiming they were kept in the dark
A contentious draft rule from the Commodity Futures Trading Commission (CFTC) has revealed partisan divisions within the agency. The CFTC's two Republican-appointed commissioners argue the proposal - which shuts the door on a documentation project run by the Futures Industry Association (FIA) and the International Swaps and Derivatives Association - was unnecessary, and claim they were kept in the dark ahead of the agency's rule-making meeting on July 17.
The FIA-Isda document, published on June
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