November 18, 2013

Gensler hints that SDR data not effectively processed | FX Bloomberg FX13 Emerging Markets Boot Camp

CFTC Chairman Gensler gives quite a broad synopsis of what's been achieved and what still needs to be done in this Bloomberg conference interview.

His synopsis lauded improvements in transparency and expansion of clearing among other things (although most of the expansion of clearing predates the mandate).

Budget restrictions

Towards the end he laments that while the breadth of their remit having expanded 10-fold whilst resources have been cut and in addition the sequester is furloughing 5% of the available staff time without pay.  This leaves CCPs, SEFs, swapdealers not as frequently monitored as the Dodd-Frank Act requires and also they do not have adequate resources to make use of the end of day reporting data arriving from SDRs.

Systemic risk

Surprisingly systemic risk information didn't even come up.   Chairman Gensler made fairly clear that the lack of resources means not much progress has been made in making useful systemic risk information out of the plethora of EOD SDR feeds CFTC is receiving.


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