CHICAGO -- The Chicago Board of Trade probably will not make any firm commitment to join the National Futures Association until at least late October, CBT President Robert Wilmouth said Tuesday.
The Commodity Futures Trading Commission Tuesday unanimously approved the NFA as a self-regulatory body for the futures industry.
The Justice Department has objected, saying the governing mechanism of the NFA was anti-competitive because the futures exchanges are given power to veto any changes made in the NFA's bylaws.
Wilmouth said he hoped to discuss the program with the CBT board of directors at a regularly scheduled meeting Oct. 20. If approved, the plan would then be put to the CBT membership for a vote.
The board has approved the concept of the new association but wanted to evaluate merits of the final proposal before joining NFA, Wilmouth said.
