CFTC will require audio recordings of commodity trades

12/17/2012 | Bloomberg · Reuters

The Commodity Futures Trading Commission voted Monday to have derivatives traders record audio of commodity transactions. "The rule will make enforcement investigations more efficient by preserving critical evidence that otherwise may be lost to memory lapses and inconsistent recollections," CFTC Chairman Gary Gensler said. Some groups protested the breadth of the rule, prompting the CFTC to offer a reprieve to some dealers. "In consideration of comments, the Commission adopted modifications that preserve the rule's purpose without adversely affecting the agricultural community," Gensler said.

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