SEC, CFTC merger debate drags on

Author: | Published: 30 Oct 2017

As far back as 1987, through the 2008 financial crisis and on to this very month, the concept of integrating the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission's (CFTC) has been an ongoing discussion that has neither gained steam nor gone away. The US is unusual in having a financial regulatory system that has evolved organically, and equally unusual it has distinct agencies that regulate the securities and derivatives spaces.

In 2012 retiring US lawmaker, and co-architect of the Dodd-Frank act, Barney Frank, made one last futile attempt to call for the regulators to merge. At the beginning...