CFTC Examining SEF Reform amid Europe Clearing Row

Chairman criticizes European Commission proposals for clearinghouse oversight.

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This is not the first time that the European Commission and the CFTC have clashed over clearing rules.
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The chairman of the US Commodity Futures Trading Commission, J Christopher Giancarlo, said that the rules governing the operation of swap execution facilities (SEFs) put in place by his predecessors were “an attempt to re-engineer the entire market structure of swaps execution,” and that this was contrary to the wishes of Congress.

“Instead of raising the standards of conduct of the professionals handling swaps transactions on SEFs, the CFTC sought to dictate the business models of the SEFs the

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