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  • Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Registration With Alternative Compliance For Non-U.S. Derivatives Clearing Organizations

    Date 18/09/2020

    I support today’s final rule permitting derivatives clearing organizations (DCOs) organized outside of the United States (non-U.S. DCOs) to register with the Commission and provide clearing to U.S. customers, yet comply with certain DCO Core Principles through their home country regulatory regime.  This final rule maintains the Commission’s authority to protect U.S. customers and markets, while also recognizing the interests of foreign regulators in supervising DCOs located in their home jurisdictions.  It will foster U.S. market participants’ access to foreign clearing organizations while maintaining key customer protections.

  • Statement Of CFTC Commissioner Dawn D. Stump Regarding Registration With Alternative Compliance For Non-U.S. Derivatives Clearing Organizations

    Date 18/09/2020

    Throughout my tenure at the Commodity Futures Trading Commission (CFTC or Commission), I have discussed the benefits of shared goals, cooperation, and mutual recognition (often referred to as “deference”) among regulators.  In early 2019, I wrote an opinion piece in the Financial Times in which I appealed to our international regulatory partners to recommit to a coordinated approach in order to ensure that our alliance remains strong rather than fractured.   When the CFTC proposed this rulemaking last summer, I committed to advancing a coordinated approach to the regulation of global central counterparties (CCPs).  I expressed both my belief that the proposal we put forward was an important first step in that process, and my sincere hope that our international regulatory partners would also take the opportunity to reset and recognize that our shared interest in advancing derivatives clearing would be best achieved by respecting each jurisdiction’s successful implementation of the principles agreed to by the Group of 20 Nations (G-20) in 2009.

  • Statement Of CFTC Commissioner Rostin Behnam Regarding Registration with Alternative Compliance For Non-U.S. DCOs

    Date 18/09/2020

    I support today’s final rule permitting derivatives clearing organizations (DCOs) organized outside of the United States (non-U.S. DCOs) that the CFTC determines do not pose substantial risk to the U.S. financial system to register with the Commission and comply with the core principles applicable to DCOs (Core Principles) set forth in the Commodity Exchange Act (CEA) through compliance with their home country regulatory regime.  This registration category establishes a new model for regulatory deference aimed at reducing regulatory burdens and ongoing compliance costs for non-U.S. clearing organizations.

  • Statement Of CFTC Commissioner Dawn D. Stump Regarding Block Size Threshold In Final Rule: Amendments To Real-Time Public Reporting Requirements

    Date 18/09/2020

    I have often referenced the need for a review of policies as per the wishes of the G-20 Leaders’ Statement from the Pittsburgh Summit in 2009, which included an expectation that members would “assess regularly implementation and whether it is sufficient to improve transparency in the derivatives markets, mitigate systemic risk, and protect against market abuse.”[1]  Today, the Commission finds itself debating a challenging issue with a robust history.  In order to properly assess whether we are making the right choices, I prefer to consider where we have come from.  Luckily, the history of prior Commissions’ deliberations and transparency of regulatory rule-writing efforts affords us such an opportunity for a look back.

  • Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Final Rules Amending The Swap Data Recordkeeping And Reporting Requirements (Part 45)

    Date 18/09/2020

    I am pleased to support these amendments to part 45 regulatory reporting, which hopefully represent the beginning of the end of this agency’s longstanding efforts to collect and utilize accurate, reliable swap data to further its regulatory mandates.

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