Willa Bruckner was quoted in a Futures Magazine article discussing Commodity Futures Trading Commission (CFTC) final rules on anti-manipulation and anti-fraud. Bruckner discussed the industry discomfort because of the approach taken by the CFTC in the rules. "The prior rules focused just on artificial prices, whereas now it focuses more on things that are manipulative and deceptive—much more general terminology," she said. "The anti-manipulation rules under Dodd-Frank, and therefore the final rules put out by the CFTC, pick up on the language and principles approach under the securities laws. It takes those and drops them into the futures laws, and those are different animals."
Willa further noted that the opaque rules could have a chilling effect on the market: "You have an entire industry on the OTC (over-the-counter) side that already is having to deal with all new rules and structures, and now on top of that is a key enforcement provision. Not only do they have to figure out how to behave in the new world, but now they have to worry about the CFTC coming after them under vague standards.”