Congress likely will give the Commodity Futures Trading Commission (CFTC) greater authority over the OTC swap market sometime this year, according to a CFTC commissioner. The expansion in powers is expected to be part of a broader regulatory reform bill.
The largely unregulated OTC derivatives market is valued at nearly $300 trillion.
The CFTC commissioner, Scott O'Malia, made the prediction in remarks prepared for a meeting of the International Energy Agency in Tokyo.
Congress to act on swaps this year: CFTC's O'Malia