CFTC begins to implement Wall Street reform

Under one proposal slated for a CFTC meeting on Friday, firms would not be able to own more than 20 percent of the voting equity in an exchange or "swap execution facility" or control 20 percent of the voting power.

The CFTC is expected to propose that clearinghouses, which stand between buyers and sellers in the market, choose between two types of limits on their governance. Under the first proposal, clearinghouse members would not be able to control more than 20 percent of the ownership and large firms would not be able to control in total more than 40 percent of the voting power.

The second proposal would limit any clearinghouse member or large firm from owning or controlling more than 5 percent of the voting equity.