Jill E. Sommers, one of two Republican members of the U.S. Commodity Futures Trading Commission, plans to resign from the country’s top derivatives regulator after the first quarter of this year. “I’ve come to this decision after thinking about it and internally struggling about it for months,” Sommers, who has been a CFTC commissioner for five years, said yesterday in a telephone interview. “This has not been an abrupt decision.” The five-member CFTC has spent more than two years writing Dodd-Frank Act rules to bolster oversight of the $639 trillion swaps market and the futures industry after a shortfall in customer funds at failed brokerage MF Global Holdings Ltd. (MFGLQ) The agency is preparing to complete rules governing trading platforms after finishing rules for data reporting and reducing risk by having trades guaranteed at clearinghouses. More on Bloomberg here.
