U.S. grain traders are alarmed over a new proposal from the Commodity Futures Trading Commission that could require every conversation between a farmer and a country elevator to be tape recorded.
The proposal, outlined in a 48-page document in the Federal Register on June 7 but flagged only last week by the industry, makes a number of "conforming changes" for the commodities industry in line with the landmark Dodd-Frank market reform legislation signed in July, 2010, the CFTC document stated.
The legislation, passed in the wake of the financial crisis in Fall, 2008, aims to "reduce risk, increase transparency and promote market integrity," the agency notes. Grain traders have zeroed in on a section that would require firms that are members of futures exchanges "to record all oral communications that lead to the execution of transactions in a commodity interest or cash commodity."
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