Statement from CFTC Commissioner J. Christopher Giancarlo

Statement from CFTC Commissioner J. Christopher Giancarlo:

Preface:

I was invited to speak at the SEFCON V conference being hosted today by the Wholesale Markets Brokers’ Association, Americas (WMBAA). However, under Executive Order 13490, also known as President Obama’s Ethics Pledge, I am prohibited from speaking at SEFCON because of my past association with the WMBAA and because a fee is charged to attend the conference. I applied to the White House for a waiver to speak, but was denied, and I respect that decision. However, given the importance of the subject matter being discussed at SEFCON to the U.S. swaps market, if I had been permitted to speak at the conference, this is the speech I would have delivered.

Click here to read the full speech: http://www.cftc.gov/PressRoom/SpeechesTestimony/giancarlostatement111214

Bill: I noticed that the Commissioner intends to issue a whitepaper analysing the nature of OTC markets and why some of the CFTC rule making is a mismatch. We may yet see the CFTC rules reshaped.