Chairman Gary Gensler presented the following three critical reforms of the derivatives markets included in the Dodd-Frank Act:
· First, the bill requires swap dealers to come under comprehensive regulation.
· Second, the bill moves the bulk of the swaps marketplace onto transparent trading facilities – either exchanges or swap execution facilities.
· Third, the bill requires clearing of standardized swaps by regulated clearinghouses to lower risk in the marketplace.
So far CFTC have heard from investors, market participants, end-users, academics, exchanges and clearinghouses on key topics including governance and conflicts of interest, real time reporting, swap data recordkeeping and swap execution facilities. Based on how helpful these have been, CFTC intend to have additional roundtables in the next month or two.
© CFTC - Commodity Futures Trading Commission
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