Not surprising, to hear a robust defense of the SEF execution and clearing mandates by Gary ‘SEF’ Gensler, CFTC Chairman.
Speaking at ISDA’s annual general meeting today in Chicago, the CFTC Chairman placed great emphasis on increased “public transparency” in the swaps market, referring to a series of rules around cleared trades to be executed on swap execution facilities and increased pre- and post-trade transparency.
Gensler confirmed the CFTC’s intention to push forward with these initiatives, saying that real-time reporting to the public to become “a reality” this summer.
However, the chairman was keen to emphasise how under-resourced the CFTC is, suggesting that:
Deutsche Bank probably spent more money on technology in a day than the CFTC did in a year, and that there were more people sitting in the conference room than working for the Commission.
Well that’s comforting to hear!
Full IFR coverage of the speech available here