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Articles tagged by Christopher Giancarlo

CFTC Report Provides Little Clarity on Swaps Rules The Commodity Futures Trading Commission (CFTC) has issued its final report on the de minimis threshold for swap dealer registration, yet it remains unclear whether the Commission will make changes to this threshold. The current de minimis threshold for swap ...
Giancarlo Slams Regulators as US Implements Margin Rules New margin rules for uncleared swaps come into force in the US, Canada and Japan today, and CFTC commissioner Christopher Giancarlo is, for one, very unhappy about it.
CFTC Approves System Safeguards, Japanese Swaps Rules The US Commodity Futures Trading Commission (CFTC) has approved two final rules for system safeguards testing requirements, as well as a comparability determination for Japan’s margin requirements for uncleared swaps. By a unanimous vote, CFTC Commissioners approved final rules for system safeguards testing requirements for designated contract markets, swap execution facilities, swap data repositories, and derivatives clearing organisations. “Cybersecurity is a top concern for American companies, especially financial firms. These rules are a good step forward in addressing these concerns,” said Commissioner Sharon Bowen in a statement today.
CFTC Commissioner Calls for Regulatory Re-Think After Sterling Flash Crash A senior member of the Commodity Futures Trading Commission (CFTC) has called for a “thorough and unbiased analysis” by global financial regulators of the systemic risk of “unprecedented capital constraining regulations on global financial and risk-transfer markets”. In a statement issued today, CFTC commissioner Christopher Giancarlo repeats his warning over liquidity risk in financial markets, noting, “The increased risk is in part due to untested bank capital constraints imposed by US and overseas bank regulators under the Dodd-Frank Act and similar laws.”
Is Regulation Causing Flash Crashes? New regulations imposed on banks since the financial crisis could be contributing to “flash crashes”, according to Christopher Giancarlo, a Commissioner at the Commodity Futures Trading Commission (CFTC). Speaking at ISDA’s Trade Execution Legal Forum, Giancarlo said that when the British pound suddenly dropped 6% against the US dollar in October, this flash crash was exacerbated by a lack of market liquidity. He continued: “In fact, there have been at least 12 major flash crashes since the passage of the Dodd-Frank Act. The growing incidence of these events shakes confidence in world financial markets.