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Article: Grain Exchange told to get tougher; Federal regulators say the Minneapolis trading venue needs reforms such as raising fines and adding compliance investigators.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- September 1, 2009
- Author:
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Byline: MATT McKINNEY; STAFF WRITER
A routine regulatory inspection of the Minneapolis Grain Exchange found its compliance staff overworked and insufficiently tough with traders last year as a commodities boom pushed food prices sky high during some of the most turbulent months in the exchange's history.
The Commodity Futures Trading Commission (CFTC) said in a report released Monday that the exchange should hire more compliance staff and levy larger fines when rules are broken. The commission cited one case in which a member received four warnings in one year for infractions that should have resulted in a fine after the second warning. The CFTC's report ...