Heath Tarbert, currently acting under secretary for international affairs at the US Department of the Treasury, has been confirmed by the Senate as a member and the next chairman of the Commodity Futures Trading Commission (CFTC). He will replace outgoing CFTC chairman, Christopher Giancarlo, on July 15. “I would like to extend enthusiastic congratulations to […]
Remember to download and subscribe to In the FICC of It at the Apple iTunes store and this week you can enjoy Colin Lambert and Galen Stops stepping into tricky territory by discussing actual economic things! As always seems to be the case Lambert is mystified by a US government decision, while Stops suddenly has […]
Charles Cutshall has been named Chief Privacy Officer of the Commodity Futures Trading Commission (CFTC). He will be responsible for providing policy and programmatic oversight of the CFTC’s privacy compliance activities and for managing privacy risks associated with the collection, maintenance, and use of personally identifiable information. Cutshall joins from the Office of Management and […]
Have we finally hit the wall in terms of our willingness, as a broad financial markets industry, to accept the continued race to cut a few microseconds off the speed of trading? I suspect we may have, for as P&L editor Galen Stops’ articles on speed bumps in the listed derivative world have highlighted, this […]
The Futures Industry Association’s Principle Traders Group (PTG) has slammed the decision by the Commodity Futures Trading Commission (CFTC) to allow ICE to self-certify its Passive Order Protection mechanism, more commonly known as a speed bump. The PTG was joined in its criticism of the decision, which has already caused significant controversy in futures circles, […]
As a futures exchange proposes a new speed bump mechanism, a number of market participants are coming out in opposition to it. Some of the arguments they’re making will sound familiar to those in the FX markets, says Galen Stops. On February 1 the Intercontinental Exchange (ICE) put the cat amongst the proverbial pigeons by […]
Here are three statements. “Fragmentation exacerbates the already inherent challenge – adequate liquidity – and increases market fragility as a result.” “Fragmentation leads to smaller, disconnected liquidity pools and less efficient and more volatile pricing.” “Divided markets are more brittle, with shallower liquidity, posing a risk of failure in times of economic stress or crisis.” […]
The Commodity Futures Trading Commission’s (CFTC) Divisions of Swap Dealer and Intermediary Oversight (DSIO), Market Oversight (DMO), and Clearing and Risk (DCR), have announced they will grant no-action relief to provide greater certainty to the global marketplace in connection with the anticipated withdrawal of the UK from the European Union with or without a ratified withdrawal agreement.
“At a time of heightened market uncertainty caused by Brexit, this Commission has worked over the past several weeks to bring clarity to participants in global derivatives markets by a series of separate actions and statements with its regulatory counterparts in other jurisdictions,” says CFTC chairman Christopher Giancarlo.
The Commodity Futures Trading Commission (CFTC) has passed by unanimous vote, a provision to provide greater certainty to the global marketplace in the event of a “no-deal Brexit” precipitated by the withdrawal of the UK from the European Union without a negotiated withdrawal agreement.
“At a time of heightened market uncertainty caused by Brexit, this Commission has worked over the past several weeks to bring clarity to participants in global derivatives markets by a series of separate actions and statements with its regulatory counterparts in London, Brussels and Singapore,” says CFTC chairman Christopher Giancarlo.
The political agreement reached last week in Brussels to implement the EMIR 2.2 regulation has been welcomed on both sides of the Atlantic. The updated regulation will broaden the role of the European Securities and Markets Authority (ESMA) to include more supervisory tools and on-site inspections; introduce a tiered system of recognition for offshore CCPs depending on their product set and systemic importance to the EU; and introduces the requirement that systemically important non-EU CCPs establish themselves in the EU if they seek to access the single market.