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CFTC commissioner attacks swaps regulation and proposes alternative agenda 

January 30, 2015

Elliott Holley, Banking Technology

US Commodity Futures Trading Commission Commissioner J. Christopher Giancarlo has condemned the CFTC’s implementation of swaps trading regulation reforms, describing its approach as highly over-engineered, disproportionately modelled on the US futures market and biased against both human discretion and technological innovation.

Giancarlo has set out his own proposals, which he says are better aligned with swaps market dynamics and truer to congressional intent, in an 89-page proposal, Pro-Reform Reconsideration of the CFTC Swaps Trading Rules: Return to Dodd-Frank,published to coincide with his appearance at a Tabb Group event in New York this week, Giancarlo argues that there is a fundamental mismatch between the CFTC’s swaps trading regulatory framework and the distinct liquidity and trading dynamics of the global swaps market.

Read More: Banking Technology

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