The Commodity Futures Trading Commission and the Federal Energy Regulatory Commission have released a “Memorandum of Understanding” (MOU) detailing their agreement to share market data between one another.
Massad was one of several CFTC nominees to speak on their experience in front of the Senate yesterday, being joined by Sharon Bowen and J. Christopher Giancarlo, who also seem likely to be approved.
Outside of Massad, CFTC nominees Sharon Y. Bowen and J. Christopher Giancarlo, who are slated to take on roles as commissioners, will also be answering some questions for the Senate.
It was hoped that the swaps market reform would help promote trading between these two groups. But, even without this, the market will at least be more transparent.
While this will be a sizable increase to the CFTC budget, up 30 percent from the current $215 million, this new budget increase falls short from last year’s request of $315 million.
Platform operators seem to think that this new CFTC EC SEF agreement may not do much at all to keep liquidity between Europe and US markets.
Under the European Parliament Economic and Monetary Affairs Committee’s revised European benchmark legislation, EU based institutions will be forbidden from holding any products linked to unauthorized benchmarks.
US banks and central counter parties (CCPs) seem to be gaining confidence in the European Commission (EC) overlooking differences in their clearing house rules, preventing US CCPs from losing European clients.
This Tuesday (February 18th) marked the first day that trades had to be executed through SEFs in the US. And it seems that traders aren’t quite ready to jump on board.
After a meeting this morning, it seems the transaction tax plan, which failed to gain widespread acceptance at first, has received backing from 11 euro zone countries– though this acceptance could perhaps be seen as begrudging in some cases.