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Thursday, October 11, 2012

Gensler: New Ear in the Swaps Marketplace

CFTC Chairman Gary Gensler spoke before the George Washington University Center for Law, Economics and Finance Conference about the importance of the upcoming weeks in the implementation of certain Dodd-Frank Act provisions. October 12 is the deadline for new rules regarding registration and reporting requirements for the biggest players in the derivatives market.

Gensler recognized the benefit of a well-functioning swaps market as essential to companies’ ability to manage their risk, while calling for additional transparency in the current market. The CFTC and SEC were mandated by the Dodd-Frank Act with bringing transparency to and lowering the risk of the swaps market. To date, the CFTC has completed 39 of these reforms according to Gensler.

Gensler also focused on reforms the CFTC plans to move forward on including the initial set of clearing determinations which may be finalized as early as next month. The reform would require clearing by swap dealers and the largest hedge funds as early as February. Compliance would be phased in for other market participants through the summer of 2013.

The CFTC is also looking to finalize, later this fall, a set of rules promoting further transparency for the swaps marketplace. This includes rules on minimum block sizes, as well as for trading platforms called swap execution facilities. In addition, Gensler noted the CFTC is working on final guidance on the cross-border application of Dodd-Frank swaps market reform.

Read Gensler’s full speech.

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