CFTC Examining SEF Reform amid Europe Clearing Row
Chairman criticizes European Commission proposals for clearinghouse oversight.
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
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