In a Brookings Institute working paper, former CFTC Chair Timothy Massad urged Congress to bolster regulation of crypto-assets. Mr. Massad pointed out that new crypto exchanges and trading platforms are not held to the same standards required of securities and derivatives market intermediaries,...
CFTC Commissioner J. Christopher Giancarlo set forth his regulatory priorities for the Commission. Outgoing CFTC Chair Timothy Massad listed regulatory accomplishments during his tenure and urged future regulators not to "dismantle the framework."
CFTC Chair Timothy Massad urged regulators to "address the causes" of the "discontent" that led to Brexit and the outcome of the U.S. presidential election, but "not [to] reverse the reforms made since the crisis."
CFTC Chair Timothy Massad emphasized the dangers of repealing Dodd-Frank, defended the derivatives regulations implemented under it, and discussed the future of the derivatives markets in the political and international arenas.
The CFTC voted to repropose position limits rules, which would place limits on speculative futures and swaps positions. In a separate vote, the CFTC approved final aggregation rules.
The CFTC released its enforcement results for fiscal year 2016. The CFTC reported that these actions addressed a "sweeping range of misconduct and market harm."
CFTC Chair Timothy Massad urged future regulators to focus on technological risk, clearinghouse risk and market liquidity, and international regulatory harmonization.
The CFTC approved a supplemental proposal to Regulation Automated Trading. The revised proposal lowers the threshold for registration for algorithmic trading firms and allows the CFTC to obtain access to their source code.
The CFTC and Canadian provincial regulators signed a counterpart to a 2014 Memorandum of Understanding on cross-border cooperation in the supervision and oversight of regulated entities.
At a conference held in New York, senior regulators discussed developments in data reporting, clearing and settlement, and the ongoing evolution of Treasury Market structure and liquidity.
CFTC Chair Massad provided updates on the CFTC's top five priorities (i) margin requirements for uncleared swaps, (ii) automated trading, (iii) cybersecurity, (iv) swap execution facility trading, and (v) data reporting.
CFTC Chair Timothy Massad will recommend a one-year delay of the swap de minimis threshold. The threshold will determine when an entity's swap-dealing activity triggers registration as a swap dealer.
CFTC Chair Timothy Massad urged global regulators to "take a holistic perspective" regarding central counterparty regulation and to "consider the overall system, its overall resilience, and its ability to respond if there is a problem."
CFTC Commissioners addressed (i) proposed Regulation Automated Trading, (ii) swap data standardization and harmonization, and (iii) blockchain and distributed ledger technology in the derivatives market at a meeting of the Technology Advisory Committee.
CFTC Chair Timothy Massad criticized the failure of the 2016 budget agreement to provide "even a small increase" for the CFTC's "critical work" in a market with a budget of $1.1 trillion. Chair Massad asserted that "[t]he failure to provide the CFTC even a modest increase in the fiscal year 2016...
Eight of ten voting members of the Financial Stability Oversight Council ("FSOC") testified at a House Financial Services Committee oversight hearing on FSOC's agenda, operations and structure. In opening remarks, Representative Jeb Hensarling (R-TX) observed that FSOC has earned "bipartisan...
CFTC Chair Timothy Massad outlined several initiatives the CFTC will complete before the end of the year. The initiatives included the following: issuing a request for comments on the reporting standards for a list of priority swap fields in order to improve data reporting, holding an open meeting...
CFTC Chair Timothy Massad announced that the CFTC will hold an open meeting on November 24, 2015 at 9 a.m. to consider a Notice of Proposed Rulemaking for the regulation of automated trading.
CFTC Chair Massad outlined regulators' ongoing efforts with central clearing. He provided an overview of the regulatory framework in an evolving market. Speaking at the CME Group's Financial Leadership Conference, Chair Massad acknowledged market criticism of the current regulatory framework and...
CFTC Chair Timothy Massad discussed the CFTC's efforts to address commercial end users' concerns at the 18th Annual National Energy Restructuring Conference. CFTC Chair Massad reiterated the CFTC's intention to "fine-tune" its rules and touched on specific areas of concern that the CFTC will...
CFTC Chair Timothy Massad spoke about fine-tuning and finishing CFTC rules in progress, increasing the "vigorous financial surveillance" of futures commission merchants ("FCMs"), and maintaining strong and stable clearinghouses. He delivered his remarks at the National Grain and Feed Association's...
At the Asian Financial Forum, CFTC Chair Timothy Massad spoke about the importance of creating a strong international regulatory framework in order to harmonize cross-border swaps. Chair Massad explained that his goal would be to work with regulators to create a framework that provided transparency...
