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  • Statement Of CFTC Commissioner Caroline D. Pham In Support Of The Treatment Of Separate Accounts Proposal

    Date 20/02/2024

    I support the Notice of Proposed Rulemaking on the Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants (FCMs) (Treatment of Separate Accounts Proposal or NPRM), as well as the Commission’s withdrawal of the first proposal on this issue (2023 Proposal).  Today’s Treatment of Separate Accounts Proposal gets the Commission closer to the pragmatic approach it was striving for in the 2023 Proposal.  To help ensure the Commission truly gets there in the final rule, I highlight specific areas for public comment below.

  • Statement Of CFTC Commissioner Christy Goldsmith Romero On The Importance Of Strong Rules For Conflicts Of Interest At Exchanges And Swap Execution Facilities

    Date 20/02/2024

    Conflicts of interest at exchanges and swap execution facilities (SEFs) present serious risk to market fairness, integrity, and financial stability.  The CFTC plays a critical role in implementing strong rules to prevent conflicts from hurting customers, markets, market participants, and end users.  As designated self-regulatory organizations, exchanges serve as the front line for market integrity.[1]  And given the contribution to the financial crisis of opaque caveat emptor swaps markets,[2] the Dodd-Frank Act created SEFs and gave them important regulatory responsibilities to ensure transparency in the swaps markets.[3]  In order for markets to function well and fairly, these important regulatory responsibilities must be performed free of conflicts of interest.

  • Statement Of CFTC Commissioner Christy Goldsmith Romero On Proposed Rule Changing Post-Dodd Frank Act Reforms To Allow Direct Access Of U.S. Customers To Foreign Boards Of Trade Through Introducing Brokers

    Date 20/02/2024

    The CFTC is proposing to change a post-Dodd Frank Act reform to issue a rule that permits CFTC-registered foreign boards of trade to have direct access to U.S. customers through introducing brokers. The Dodd-Frank Act defines direct access to mean an explicit grant of authority by a foreign board of trade to identified members or other participants located in the United States to enter trades directly into the trade matching engine of the foreign board of trade.  As described in the open Commission meeting on the final rule, “By adopting uniform application procedures and registration requirements and conditions, the process by which foreign boards of trade are permitted to provide direct access to their trading systems will become more standardized, more transparent to both registration applicants and the general public, and will promote fair and consistent treatment of all applicants.”

  • Statement Of CFTC Commissioner Kristin N. Johnson: Ensuring The Integrity Of Customer Protections For Customers Of U.S. Introducing Brokers With Direct Access To Foreign Boards Of Trade

    Date 20/02/2024

    The Commodity Futures Trading Commission’s (Commission or CFTC) governing statute, the Commodity Exchange Act (CEA), enumerates several key aims. Protecting customers from the misuse of customer assets is one of the central goals of derivatives market regulations. Protecting customers begins with carefully evaluating, reviewing, monitoring, and enforcing the regulations that govern intermediaries in our markets.

  • Statement Of CFTC Commissioner Kristin N. Johnson Regarding Regulations To Establish Margin Adequacy Requirements And Addressing Separate Account Treatment

    Date 20/02/2024

    The Commodity Futures Trading Commission (Commission or CFTC) has adopted several key regulations that establish guardrails to protect against the misuse or misapplication of customer funds. The Commodity Exchange Act (CEA) and Commission regulations establish critical protections for customers to help prevent them from losing money as a result of losses caused by their futures commission merchant (FCM) or their fellow customers at the FCM. These include Sections 4 and 4d of the CEA and Parts 1, 22, and 30 of the Commission regulations, which require an FCM to segregate its own funds from those of its customers and prohibit an FCM from using one customer’s funds to cover the losses of another.

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