Just days after announcing his resignation as Commissioner of the CFTC, Scott O'Malia was named CEO of the International Swaps and Derivatives Association (ISDA). Swaps only came under the CFTC's jurisdiction during O'Malia's tenure with the passage of the Dodd-Frank Act.
Commodity Futures Trading Commission issued a no-action letter stating that it will not take enforcement action against HKEx’s OTC derivatives clearinghouse OTC Clear, for its failure to register as a derivatives clearing organization.
Michel Barnier, the bloc’s financial-services chief, will seek permission from the 28 EU governments to postpone by six months a deadline to decide on whether U.S. rules for clearing of swaps are as tough as EU standards.
Traditional risk controls, the CFTC observes, were designed for human judgment and human speed, and they must be reevaluated in light of the “electronic trading platforms that can execute repetitive tasks at speeds orders of magnitude greater than any human equivalent.