In a speech before the Futures Industry Association Expo on Wednesday morning, Commodity Futures Trading Commission Chairman Timothy Massad said the agency is committed to pursuing violations both big and small.
Reminiscent of U.S. Securities and Exchange Commission Chair Mary Jo White’s “broken windows” theory that overlooking small infractionscan feed bigger ones, Massad said the CFTC is “focused on using our authority to ensure compliance with basic rules,” according to his prepared remarks. For example, he continued, “Earlier this year, we imposed penalties against a major bank for failing to abide by our reporting requirements.”
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