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May 20, 2013

O’Malia speech – useful synopsis of what’s not yet regulated

A way through the fog of CFTC Title VII final rules, exemptive orders and no action letters is offered by Commissioner O'Malia's speech to Energy Risk 2013.  He uses a Rumsfeld-like categorization of known unknowns and unknown unknowns to sum up what's still to be done and to be discovered as a result on reporting, clearing and SEFs and cross-border application. I noticed in particular that he's picked up on Harvard Professor Roe's draft paper proposing that OTC clearing is no silver bullet for systemic risk – which Ben Larah posted about recently – here. Jon S.


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