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Opening Statement, Twenty-Sixth Open Meeting To Consider Final Rules Pursuant To Dodd-Frank Act - CFTC Commissioner Jill E. Sommers

Date 18/04/2012

Thank you Mr. Chairman. I would like to thank the rulemaking teams for their hard work and diligence in crafting these rules. We have before us a final rule on commodity options, an interim final rule establishing a trade option exemption, and the critical, and long-awaited final rules further defining Swap Dealer, Major Swap Participant, and Eligible Contract Participant. These entity definitions (along with the upcoming product definitions) are key components of the foundation upon which the new Dodd-Frank regulatory regime is built. All of the team members deserve our gratitude, but I would specifically like to recognize the entity definition teams from both here and the SEC that have worked together over the past 18 months through many policy challenges to get this rule in final form as well as being sensitive to the concerns of ten individual Commissioners. You have all done a tremendous job.

Opening Statement, Twenty-Sixth Open Meeting To Consider Final Rules Pursuant To Dodd-Frank Act - CFTC Commissioner Jill E. Sommers

Date 18/04/2012

Thank you Mr. Chairman. I would like to thank the rulemaking teams for their hard work and diligence in crafting these rules. We have before us a final rule on commodity options, an interim final rule establishing a trade option exemption, and the critical, and long-awaited final rules further defining Swap Dealer, Major Swap Participant, and Eligible Contract Participant. These entity definitions (along with the upcoming product definitions) are key components of the foundation upon which the new Dodd-Frank regulatory regime is built. All of the team members deserve our gratitude, but I would specifically like to recognize the entity definition teams from both here and the SEC that have worked together over the past 18 months through many policy challenges to get this rule in final form as well as being sensitive to the concerns of ten individual Commissioners. You have all done a tremendous job.

Statement At Open Meeting To Adopt The Joint Final Rule, Joint Interim Final Rule, And Final Interpretations Regarding The Further Definition Of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant,” and “Eligible Contract Participant” By SEC Commissioner Troy A. Paredes

Date 18/04/2012

Thank you, Chairman Schapiro.

I often boil down what we do as regulators to this: We draw regulatory lines that influence – and sometimes definitively determine – the economic activity that can and will occur. The hard part is deciding where to draw the lines because every option we face when deciding whether and how to regulate has both costs and benefits associated with it. It should come as no surprise, then, that there can be disagreement over where to draw the regulatory lines that establish how far the government will reach into the private sector and how heavy the government’s hand will be.

Opening Statement On Commission Meeting For Consideration Of Rules Implementing The Dodd-Frank Act - CFTC Chairman Gary Gensler

Date 18/04/2012

Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission (CFTC) to consider final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). I’d like to welcome members of the public, market participants and members of the media, as well as those listening to the meeting on the phone or watching the webcast.

Defining Security-Based Swap Dealers And Major Security-Based Swap Participants By SEC Commissioner Luis A. Aguilar

Date 18/04/2012

Today, the Commission considers adopting our first final rules under Title VII of the Dodd-Frank Act. Title VII mandates that the SEC and CFTC promulgate rules to provide comprehensive oversight to the over-the-counter derivatives market, which contributed significantly to the recent financial crisis. Today’s rule, to be issued jointly with the CFTC, would define which entities must register with the SEC as security-based swap dealers or major security-based swap participants, and which entities must register with the CFTC as swap dealers or major swap participants.

Opening Statement, Open Meeting On Two Final Rules And Two Interim Final Rules - CFTC Commissioner Scott D. O’Malia

Date 18/04/2012

I would like to start my remarks today by personally thanking the teams that are about to present to the Commission two final rules and two interim final rules, which implement various provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). I appreciate the tireless hours, days, and months that Commission staff has dedicated to writing today’s rules, which when combined are over 700 pages in length. Commission staff has had to review hundreds of comment letters, meet with dozens of interested persons, tackle tough legal issues, and, in the case of the final and interim final entities definition rules, coordinate with staff of the Securities and Exchange Commission (“SEC”) and regularly consult with staff of the Federal Reserve Board. Preparing these rules in advance of today’s open meeting was no small feat.

SIFMA Executive Vice President Randy Snook Remarks As Prepared For SIFMA 2012 Private Client Conference

Date 18/04/2012

Thank you, John and again welcome to this year’s Private Client Conference. 

Statement Of Dissent By CFTC Commissioner Scott D. O’Malia - Further Definition Of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant,” And “Eligible Contract Participant”[1]

Date 18/04/2012

I respectfully dissent from the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) approval today of the Entities Rule, which is a joint final and interim final rule with the Securities and Exchange Commission (“SEC”) under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). ² I have a number of concerns with each definition in the CFTC Entities Rule.  However, this dissent focuses on the “swap dealer” definition.

NYSE Euronext Welcomes ID Logistics To Its European Market

Date 18/04/2012

ID Logistics, a leading contender in contract logistics, has listed on NYSE Euronext in Paris.

"Architecture" - Statement Of CFTC Commissioner Bart Chilton Regarding Entities Definitions Final Rule And Commodity Options Final Rule And Interim Final Rule, Washington, Dc

Date 18/04/2012

This morning we are considering two rules.  While both are important, the final entities rule is a key component of our regulatory architecture.  With this rule—along with the products definition rule when that is done (and I certainly hope that is soon)—we will finally have in place two of the most critically important pieces of the structure for the new regulatory regime of heretofore unregulated over-the-counter markets—markets that were part and parcel of the economic meltdown.