Former CFTC General Counsel: US Swaps Reform a Mixed Bag of Outcomes

Terry Arbit, presenting the keynote at a Waters Breakfast Briefing

Arbit, who also temporarily served as general counsel during the height of the financial crisis in 2008, said that the two key pillars of swaps reform—transparency and clearing—had mostly been realized. He cited the clearing mandate likely to expand to foreign-exchange (FX) and physical-commodity contracts sometime this year, and the swap-data repositories (SDRs) that are already operating, albeit providing information to the regulator that it has yet to figure out a way to really use.

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