Tag: Timothy Massad

Timothy Massad

CFTC’s Massad and Giancarlo, Congressman Huizenga, Among Speakers at SEFCON VII

Just days from Inauguration, SEFCON VII takes a look at the incoming Trump Administration, bringing together a unique roster of speakers from across the regulatory, legislative, banking and buy side sectors. The event is hosted by the Wholesale Markets Brokers Association Americas and takes place at The Roosevelt on Jan 18 in New York.
Industry leaders will discuss how the incoming Administration is expected to take shape, how the industry is likely to be impacted and which rules may be challenged. Keynote addresses by current CFTC Chairman Timothy Massad, and CFTC Commissioner J. Christopher Giancarlo will be followed up with a special “View from the Hill” session with Rep. Bill Huizenga (R-MI), Chair of the Capital Markets, Securities and Investment Subcommittee, House Financial Services Committee.

Massad Officially Resigns as CFTC Chair

Timothy Massad has tendered his resignation as Chairman of the US Commodity Trading Commission (CFTC) to President Barack Obama, effective on January 20, 2017.

“For the past two-and-a-half years, I’ve had the privilege of working alongside the very talented CFTC staff, and I thank them for their dedication on behalf of the American people. I also want to express my appreciation to my fellow Commissioners, Sharon Bowen and Chris Giancarlo, for the constructive and collaborative engagement we have had throughout my tenure. I am also very grateful to President Obama for giving me the opportunity to lead this important agency,” said Massad in a statement issued today.

CFTC’s Massad, Giancarlo to Address Swaps Conference Two Days Before Inauguration

Two days before Inauguration day, Timothy Massad, chairman of the US Commodity Futures Trading Commission (CFTC), and CFTC commissioner Christopher Giancarlo will be keynoting the seventh annual SEFCON VII conference, which has become the largest conference for the US swaps trading market.
The conference will be held in New York on January 18, 2017.
The event, which is being hosted by the Wholesale Markets Brokers’ Association Americas (WMBAA), will provide inside looks on the implementation of the Dodd-Frank Act, the implications of a Trump presidency on financial markets, what lies ahead for US financial market regulation and cross border implications, as well as such critical topics as the future of OTC market structure.

Massad to Customers: Days of Guaranteed Liquidity Are Over

In a speech in New York last night, Timothy Massad, chair of the US Commodity Futures Trading Commission (CFTC) argued that the changing nature of liquidity is not principally caused by regulation.
Discussing the various impacts of the UK decision to leave the European Union on June 23, Massad said, when discussing liquidity in derivatives markets, that during the vote and immediate aftermath prices did not disappear and market depth was good.
However he added, “We must also recognise that liquidity today has changed. There is an iconic model of liquidity: traditional dealers who use their balance sheets to make a market for their customers regardless of price. Dealers who will catch the proverbial “falling knife”— that is, they stand ready to buy even if prices are rapidly falling. That is not how our markets work today.”

CFTC Extends $8bn Swap Dealer Threshold

The US Commodity Futures Trading Commission (CFTC) has extended the current swap dealer registration de minimis threshold phase-in termination date until December 31, 2018.
The de minimis threshold determines when an entity’s swap dealing activity requires registration with the CFTC. Registration triggers capital and margin requirements as well as other responsibilities, such as disclosure, recordkeeping, and documentation requirements.
Currently the de minimis threshold for firms having to register as a major swap dealer is $8 billion, but this was due to expire on December 31, 2017, at which point the threshold would have been lowered to $3 billion.

CFTC Approves System Safeguards, Japanese Swaps Rules

The US Commodity Futures Trading Commission (CFTC) has approved two final rules for system safeguards testing requirements, as well as a comparability determination for Japan’s margin requirements for uncleared swaps.

By a unanimous vote, CFTC Commissioners approved final rules for system safeguards testing requirements for designated contract markets, swap execution facilities, swap data repositories, and derivatives clearing organisations.

“Cybersecurity is a top concern for American companies, especially financial firms. These rules are a good step forward in addressing these concerns,” said Commissioner Sharon Bowen in a statement today.

CFTC Issues CCP Recovery, Wind-Down Guidance

The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued guidance to clearinghouses to further the development of recovery plans and wind-down Plans.  The CFTC says that for clearinghouses, or Derivatives Clearing Organisations (DCOs), the development of these plans is “a critical element of risk management and contingency planning to […]