The Commodity Futures Trading Commission (CFTC) has issued its final report on the de minimis threshold for swap dealer registration, yet it remains unclear whether the Commission will make changes to this threshold.
The current de minimis threshold for swap ...
New margin rules for uncleared swaps come into force in the US, Canada and Japan today, and CFTC commissioner Christopher Giancarlo is, for one, very unhappy about it.
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.
A senior member of the Commodity Futures Trading Commission (CFTC) has called for a “thorough and unbiased analysis” by global financial regulators of the systemic risk of “unprecedented capital constraining regulations on global financial and risk-transfer markets”.
In a statement issued today, CFTC commissioner Christopher Giancarlo repeats his warning over liquidity risk in financial markets, noting, “The increased risk is in part due to untested bank capital constraints imposed by US and overseas bank regulators under the Dodd-Frank Act and similar laws.”
New regulations imposed on banks since the financial crisis could be contributing to “flash crashes”, according to Christopher Giancarlo, a Commissioner at the Commodity Futures Trading Commission (CFTC).
Speaking at ISDA’s Trade Execution Legal Forum, Giancarlo said that when the British pound suddenly dropped 6% against the US dollar in October, this flash crash was exacerbated by a lack of market liquidity.
He continued: “In fact, there have been at least 12 major flash crashes since the passage of the Dodd-Frank Act. The growing incidence of these events shakes confidence in world financial markets.
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.
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.
Christopher Giancarlo has been nominated by the Trump administration to be the next Chairman of the US Commodity Futures Trading Commission (CFTC).
Giancarlo made his first public appearance since the nomination at the FIA Boca event, where he advocated a new agenda for the CFTC that focused on fostering economic growth, enhancing US financial markets and “right-sizing” the regulators’ footprint.
“I am grateful that the White House made the announcement before todays’ speech,” he told reporters afterwards. Commenting on his new agenda for the CFTC he added: “You can read into it what you will as to the extent to which I think it is in alignment with where the President wishes to go with his approach to financial regulation.”
Following the news that he had been nominated by the Trump administration to be the new chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, has laid out a new agenda for the Commission.
Speaking at the FIA Boca conference in Florida, Giancarlo emphasised the need for the CFTC to foster economic growth in the markets that it oversees by reducing regulatory burden, improving market intelligence and embracing new technology.
To help reduce the regulatory burden on derivatives market participants, Giancarlo announced the launch of “Project KISS”, with the acronym standing for “Keep It Simple Stupid”.
Commodity Futures Trading Commission (CFTC) acting chairman Christopher Giancarlo
has announced the appointment of James McDonald to be the director of the
agency’s Enforcement Division. McDonald,
who was most recently a prosecutor in the Southern District of New ...
The US Commodity Futures Trading Commission (CFTC) has launched LabCFTC, a new initiative aimed at promoting responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees.
Located in New York, LabCFTC will also look to accelerate CFTC engagement with FinTech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently. The initiative was approved by a unanimous vote of the Commission.
“Simply put, LabCFTC is intended to help us bridge the gap from where we are today to where we need to be: 21st century regulation for today’s digital markets,” says CFTC Acting Chairman Christopher Giancarlo.
The US Senate has confirmed Christopher Giancarlo as the permanent chairman of the Commodity Futures Trading Commission (CFTC), while Rostin Behnam and Brian Quintenz have been confirmed as commissioners.
Dawn Stump has also been nominated as a CFTC commissioner, but is still awaiting Senate confirmation.
“Honored to be confirmed by @ussenate as Chairman of the @CFTC, along w/2 new Comn’rs Benham & Quintenz. Expect Dawn Stump confirmation soon,” said Giancarlo on Twitter immediately after the Senate decision.
Giancarlo was named as the acting chairman of the CFTC in January and was nominated to head the Commission on a permanent basis in March.
Heath Tarbert is to be nominated by the US government to be the next chair of the Commodity Futures Trading Commission. His appointment is subject to Congressional approval, however he was appointed to his current role at the US Treasury by the US Senate with a huge majority and is expected to attract similar support.
Tarbert will take the reins of the US regulator from Christopher Giancarlo, who was appointed to the role in 2017 and is due to step down at the end of April 2019