The CFTC last week unanimously proposed new rules to cut risks related to high-speed trading via the algorithms used by designated contract markets (DCMs). Some analysts say the rules will give the regulator more tools to deal with this key aspect of derivatives trading. However, others caution that the regulator should not put forth rules… Read More >>
Massad Favors Regs Hybrid for Cross-Border Uncleared Swaps
CFTC Chairman Timothy Massad says he’s leaning toward a hybrid approach to the problem of regulatory harmony for uncleared swaps transacted across multiple jurisdictions around the globe but he’s careful to note that his agency has not reached any conclusions. “We recognize the importance of having the uncleared margin rules of different jurisdictions be as… Read More >>
Q&A: Five Minutes with Timothy Massad
Editor’s Note: In a video interview with FTF News, the chairman of the CFTC discusses the regulator’s priorities, the recent Flash Crash enforcement action, data management and reporting issues. This is a transcript of the video interview, which has been posted online. Q: Everyone is telling you what the top priorities are for the CFTC. What… Read More >>
CFTC to Extend Relief for Swap Trade Errors
Speaking at the DerivOps North America conference this morning, CFTC Chairman Timothy Massad announced his agency will be issuing no-action letters providing relief for regulatory requirements concerning erroneous swap trades and swap trade confirmations. Massad said the relief is part of the CFTC’s ongoing efforts to ensure that post-financial crisis reforms in the derivatives markets… Read More >>
New CFTC Chairman Picks Staff
Newly appointed CFTC Chairman Timothy Massad has appointed several key members of the team that will work closely with him during his chairmanship. Along with Massad, these individuals will “work with the chairman to set the agenda of the commission and to carry out the responsibilities of implementing the Dodd-Frank Act” and other CFTC regulations,… Read More >>
Fed Prosecutor Heads CFTC Enforcement
CFTC Chairman Timothy Massad has named Aitan Goelman to be the director of the agency’s division of enforcement. Goelman is a former federal prosecutor with more than 20 years of experience litigating both criminal and civil matters. He will be a “tough, aggressive and fair leader at a critical time in the commission’s history,” Massad… Read More >>
Senate Confirms New CFTC Chairman, Commissioners
By a voice vote late on Tuesday, the U.S. Senate approved President Barack Obama’s nominee for chairman of the CFTC Timothy Massad, the TARP overseer, according to media reports and the websites of U.S. Senators. The Senate also confirmed by voice vote the nominee for the Republican commissioner’s seat J. Christopher Giancarlo. Sharon Yvette Bowen,… Read More >>
TARP Overseer May Become CFTC Chairman as Deutsche Bank Picks a CIO
TARP Overseer Nominated to be CFTC Chairman President Barack Obama yesterday nominated Timothy Massad, overseer of the Troubled Asset Relief Program (TARP), to be the next chairman of the CFTC as the regulator appears to be moving into a new phase given the recent turnover of commissioners.“For the past few years, Tim has been charged… Read More >>
