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CFTC Chairman Nominee Outlines Plan for Agency

Acting CFTC Chairman J. Christopher Giancarlo, who was nominated to become permanent chairman by President Trump, delivered a speech to the derivatives industry recently in which he detailed his vision for the agency. Giancarlo stated that in recognition of an executive order President Trump issued in February, the agency’s “first step is to reduce excessive regulatory burdens.”  Giancarlo announced the launch of a project to undertake an agency-wide review of CFTC rules, regulations and practices to make them simpler, less burdensome and less costly.  He also described other areas of reform, including an organizational restructuring, creation and appointment of a Chief Market Intelligence Officer, reporting directly to the Chairman, an embrace of FinTech and other efforts to enhance the U.S. markets. A Reuters report noted that Giancarlo has criticized the way the CFTC has implemented rules stemming from the Dodd-Frank financial reform legislation. In his speech, Giancarlo said: “The CFTC’s flawed swaps trading implementation has caused numerous harms, foremost of which is driving global market participants away from transacting with entities subject to CFTC swaps regulation.” Giancarlo pledged to fix the swaps trading rules. “Our regulatory framework must help to attract, rather than repel, global capital to US trading markets,” Giancarlo said.