Rapid-Fire Appointment Sees O'Malia Take Isda Top Spot
O'Malia tendered his resignation to President Barack Obama on Monday, and will depart the CFTC come August. He will assume his post at the head of the industry body on August 18.
The commissioner, who has served at the CFTC since 2009 and was known for his outspoken opposition to many of the rules governing reform of the over-the-counter market, replaces outgoing Isda CEO Robert Pickel.
O'Malia's departure and subsequent appointment will, however, add to a growing chorus of concern about revolving doors at the CFTC, which found its role as a relatively small body vastly expanded with the financial crisis and its newfound responsibility for instruments such as swaps. Former commissioner Bart Chilton joined law firm DLA Piper as a senior adviser not long after he departed the CFTC, striking a markedly different tone from his previous statements on issues such as high-frequency trading (HFT) in an op-ed run by the New York Times. Meanwhile Jill Sommers, a Republican former commissioner who left last year, was recently confirmed as a new board member for Chicago-based HFT firm Allston Holdings.
Commissioners at the CFTC have traditionally come from political backgrounds, but are increasingly finding work after their terms of service in a financial sector hungry to employ ex-regulators, similar to situations in other markets where heads of agencies are routinely employed in ultra-senior compliance or advisory functions for tier-one banks.
The departure of O'Malia comes as Timothy Massad, who replaced Gary Gensler as chairman of the CFTC, takes the reins, along with new commissioners Sharon Bowen, a democrat, and J Christopher Giancarlo, a republican. Mark Wetjen, another democrat, continues to serve as a commissioner.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: What is going on?
Is it weird that Euronext bought Substantive? It’s weird, right? Plus WFIC, tick sizes, Microsoft and BlackRock want more datacenters for some reason, and, of course, AI. What does it all mean?
Waters Wavelength Ep. 288: Media’s changing landscape
Wei-Shen and Tony discuss ways to improve the podcast going forward.
Fidelity’s quantum exploration unites theory and proof
The asset manager and Amazon have teamed to put a quantum twist on machine learning.
GenAI could connect ‘constellation’ of vital information technologies
At WFIC, Six Group’s Marion Leslie highlighted the opportunities and risks that the technology holds.
Why can’t we be friends?
The ABA vs most every regulator. LSEG vs BBG. AI vs SaaS. Buy vs build. Lots of drama in the capital markets.
DORA will change the buy vs. build debate… maybe
Waters Wrap: With DORA’s deadline looming, trading firms are having to reassess their long-term tech strategies. Anthony wonders if that means more building and less buying.
JSE rolls out exchange data to cloud Marketplace, built with DataBP
The move—part of a broader cloud migration at the exchange—allows financial firms to connect and subscribe to JSE news, market data, and analytics via the cloud.
The SEC needs a hand with artificial intelligence
The SEC wants to take a tough stance on AI, but it has a talent problem… or a marketing problem. Or both…