The chairman of the Commodity Futures Trading...

The chairman of the Commodity Futures Trading Commission said any measures to limit price changes to curb volatility on U.S. financial markets could drive futures and securities business overseas. In a speech to the annual gathering of the Futures Industry Assn. in Boca Raton, Fla., Chairman Wendy Gramm said she had “several problems” with efforts to dampen price volatility or reduce trading volume. The new commission chairman defended the regulatory status quo, criticizing Washington for too often responding to dramatic events like the October stock market crash by passing unneeded legislation. Gramm said “circuit breaker mechanisms” being discussed and implemented in securities and futures markets could harm the markets if they are not temporary or if they are set so that their trigger levels are too low.