Who Sits on the Board of an Exchange That Trades With Itself?
Almost everything in the CFTC's July 2026 conflicts proposal can be built by an engineering team. One requirement cannot: at least 35 percent of a designated contract market's board has to be people who owe the exchange nothing. That expectation has been guidance since 2007, the Commission has twice tried to make it binding and withdrew both times, and the third attempt is open for comment until 5 October 2026.















