Conaway, Peterson pleased with CFTC management
Both House Agriculture Committee Chairman Michael Conaway, R-Texas, and ranking member Collin Peterson, D-Minn., told Commodity Futures Trading Commission Chairman Christopher Giancarlo at a hearing Wednesday that they were pleased with his initial management of the CFTC.
“In his short time as chairman, Chris has already shown a dedication to modernizing and improving the management of the CFTC,” Conaway said in a statement after the hearing.
“My colleagues and I have long advocated for a review of the Title VII rulemakings, and under Chris’s leadership we’re finally seeing that process start. I appreciated hearing from him today and am eager for the agency to continue reducing unnecessary regulatory burdens on end-users and market participants.”
Speaking of the implementation of the Dodd-Frank legislation, Peterson said in an opening statement, “I’ve generally been impressed with how the commission has gone about enacting these changes and look forward to seeing continued efforts to bring more transparency to the derivatives marketplace.”
But Peterson added, “I am concerned, however, that Europe’s rules for their version of our Swap Execution Facilities don’t provide anywhere near the pre- and post-trade transparency that our rules do. I understand you have been negotiating an equivalence agreement on those rules and that you are close to reaching one. Hopefully any final agreement will more closely align with our transparency rules.”
–The Hagstrom Report