CFTC

At the CFTC Sterling oversaw the 3,300-plus banks, intermediaries and asset managers registered with the agency, and the examination, rulemaking and enforcement referral programs.

The reforms will result in significant changes to the proprietary trading ban first proposed by former Federal Reserve Chairman Paul Volcker and mandated in the Dodd-Frank Act.

The transaction was launched in early June, just as concerns about a trade war were starting to take a toll on commodities prices.

The El Segundo, Calif. company is selling $100 million of bonds backed by a revolving pool of loans secured by precious metals as well as some of its own inventory of cash and gold, silver, platinum, and palladium.

Democratic CFTC commissioner Rostin Behnam said Monday that the proposed changes to the proprietary trading ban go too far.

Mick Mulvaney, the agency’s acting director, suggests U.S. startups — like their U.K. counterparts — may eventually be able to test products without fear of regulatory action.

The industry derides the proprietary trading ban as costly, and the Trump administration has heard those concerns. Yet regulators must choose between subtle though expedient pin-prick changes versus a more drastic overhaul.