Matthew Kulkin is leave the Commodity Futures Trading Commission (CFTC) where he was director of its Division of Swap Dealer & Intermediary Oversight (DSIO), later this summer.
Kulkin joined CFTC in 2017 to lead the DSIO, the CFTC’s division that primarily oversees derivatives market intermediaries, including swap dealers, futures commission merchants, commodity pool operators, commodity trading advisors, introducing brokers, major swap participants, and retail foreign exchange dealers, as well as designated self-regulatory organisations.
He has been responsible for a number of significant measures intended to reduce regulatory burdens, streamline the CFTC’s regulatory framework, and remove impediments to new entrants into the derivatives markets. These include the adoption of a permanent de minimis$8 billion swap dealer threshold; Project KISS, which aimed to streamline the regulatory burden for market participants; implementation of the Volcker Rule; and substituted compliance determinations for foreign jurisdictions including Australia, the European Union and the UK.
He also led work to remove regulatory burdens preventing certain market participants, like prime brokers and proprietary trading firms, from providing liquidity for customers on registered trading venues; as well as the study of the influence of cryptocurrencies and distributed ledger technologies on the industry.
“Matt’s leadership has been instrumental in a number of the advancements we have made during my Chairmanship,” says CFTC chair Christopher Giancarlo. “I thank Matt for his hard work implementing our Project KISS initiative and taking steps to ensure the financial integrity, fitness, and fair business conduct of swap dealers and other market intermediaries. Matt has served the Commission with distinction and leaves a legacy of increased collegiality within the agency and with market participants among his many achievements.”
Kulkin adds, “I thank chairman Giancarlo for the opportunity to serve at the CFTC during such an important time for global derivatives and capital markets. Under his steady leadership, we have been able to address a number of issues of great importance to market participants. I appreciate the collaborative approach taken by chairman Giancarlo, our commissioners, and my fellow Division and office directors to serve the markets and the American public. It has been a sincere privilege to lead a DSIO team comprised of such talented and hardworking individuals. I will be forever grateful for their counsel and goodwill. I wish them all the best.”
Kulkin is the second senior CFTC staffer to exit the Commission in quick succession after Eric Pan, head of the Office of International Affairs announced his departure earlier this week. Giancarlo himself will leave the agency on July 15 to be replaced by Heath Tarbert.