CFTC Holds GMAC Meeting to Discuss Coordination with Foreign Regulators (with Delta Strategy Group Summary)

The CFTC held a Global Markets Advisory Committee ("GMAC") meeting to discuss issues related to CFTC coordination with foreign regulators on the oversight of foreign-based swap clearinghouses and foreign swap execution facilities.

In his opening statement, Commissioner O'Malia explained that it is critically important for international regulators to harmonize on swap data reporting, exchange trading and central counterparty clearing "before market fragmentation and contraction of liquidity hardens and becomes permanent." He stated that the United States and European Union should be working together to resolve data quality issues, and that the CFTC is not yet taking the necessary steps to set the groundwork for an agreement that would allow these jurisdictions to share swaps data. According to Commissioner O'Malia, mutual recognition and harmonization of swaps data reporting is essential.

Click here for a summary of the meeting by Delta Strategy Group.

See: GMAC Meeting Agenda; List of Participants; Commissioner O'Malia's Opening Statement.