The Senate has confirmed three new CFTC commissioners.
Several commissioners have spoken out over the CFTC’s no action letters, finding that many of them were instituted without leaving them enough time to give their own input into the matter.
Chilton, who had said he would be leaving the CFTC in November, has stated that he will step down from the Commission by March 22nd.
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.
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.
The CFTC and the EU have agreed to allow US firms to trade over European platforms, rather than forcing them to be traded through US swap execution facilities, or SEFs.
Masters has been working in the swaps industry for well over a decade, and helped JP Morgan begin using credit default swaps to hedge bank risks.
The agreement will relieve EU trading platforms from being affected by US derivative trading rules, at least for the time being.
With the CFTC currently going through major changes, it seems the grain industry is hoping it will lead to a more lenient Commission. And, as Mark Wetjen is currently taking over the reins, it’s very possible that this will be the case.
The EU and the CFTC have announced that they will be working together in their implementation of cross-border regulation, after talks in Washington.