At the D.C. Bar, Acting CFTC Chairman Mark Wetjen spoke about the CFTC’s efforts to implement Dodd-Frank and other upcoming priorities.
Mr. Wetjen stated that the most important focus for the CFTC in the past six months has been overseeing the CFTC swap-trading mandate. He explained that the CFTC has taken steps to ensure that swaps executed as packaged transactions are treated appropriately as the marketplace moves toward greater use of swap execution facilities. Mr. Wetjen stated that it is important to “remain true to congressional intent to maximize transparency where appropriate, but work to ensure an orderly transition to what remains an historic market-structure shift for swaps.”
With regard to cross-border rules, Mr. Wetjen said, it is important to balance the interests of each foreign regime and customer protection, adding that he expects to see international coordination in the coming weeks concerning non-U.S. clearinghouses and swap trading platforms.
See: Chair Wetjen’s Remarks.