CFTC Acting Chairman Giancarlo at ISDA: “Changing Swaps Trading Liquidity, Market Fragmentation and Regulatory Comity in Post-Reform Global Swaps Markets”

This morning I’d like to talk about the changing nature of the global swaps market. It’s been almost a decade since the onset of the financial crisis. It will be seven years next month since passage of the main legislation – the Dodd Frank Act of 2010 – that laid the groundwork for the post-crisis world. Mandatory clearing for swaps under Title VII of Dodd-Frank has now been in effect for four years. So we have a statistically significant sample size, if not a long period of history, to evaluate the effects of these reforms and their implementation.

As part of the President’s executive order on Core Principles for Regulating the United States Financial System,1, I recently completed a review of the impact of existing regulation on the financial system. From that review, I have come away with three main imperatives:

1) Market liquidity must be enhanced.

2) Global trading markets must be preserved.

3) Regulatory comity must be deepened.

The full speech is available at

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