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.
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.
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.
According to Reuters, the EU’s chief tax official is calling on countries within the Union to implement a strong financial transaction tax, rather than watering it down with various exemptions.
Though this marks another step taken towards financial stability, it seems there is still a long way to go, and it may take some time before even the next step is made.
Barnier has said that without an agreement over derivatives policy, and an ability to work with each other’s rules, continuing EU-US free-trade negotiations will be very difficult.
Cross border swaps have become a hot issue in the CFTC for some time now, but was resolved following last Friday’s vote, which passed the new regulations as well as a 75 day guidance period.
The Commodity Futures Trading Commission’s interim relief for cross-border swaps is due to expire on July 12th, but in a speech at a London Futures Industry Associated expo, CFTC Commissioner Mark Wetjen made it clear he…