“Let me be clear–it is time to end this regulatory insanity. The Commission must provide a clear notice of the contours of its regulatory reach.”

—Scott O’Malia, commissioner of the U.S. Commodity Futures Trading Commission, speaking at the ninth annual Futures Industry Association conference in Singapore last Thursday on the CFTC’s failure to demonstrate any restraint in issuing regulation that has a direct effect on non-U.S. market participants.