News Centre

Statement Of Dissent, Final Rulemaking On Derivatives Clearing Organizations - CFTC Commissioner Scott D. O’Malia

Date 18/10/2011

Introduction

Today, the Commission approved a final rulemaking on the operation of derivatives clearing organizations (each, a “DCO”). Of the Dodd-Frank rulemakings that the Commission has so far undertaken, this rulemaking is among the most important. I have been a strong proponent of clearing. In the aftermath of the Enron crisis, I witnessed first-hand how the creation of ClearPort ameliorated counterparty credit fears in the energy merchant markets and restored liquidity to those markets. I am certain that clearing will similarly benefit the swaps market, particularly by significantly expanding execution on electronic platforms, thereby increasing price transparency and discovery. Moreover, as we have seen in the 2008 financial crisis, clearing has the potential to mitigate systemic risk, by ensuring that swap counterparties – not hardworking American taxpayers – post collateral to support their exposures.

Kunlun Energy Co. Ltd Added To Dow Jones Emerging Markets Oil & Gas Titans Index

Date 18/10/2011

Kunlun Energy Co. Ltd of Hong Kong will be added to the Dow Jones Emerging Markets Oil & Gas Titans 30 Index, Dow Jones Indexes announced today.

“Does The Commission Always Know Best?” - Opening Statement By CFTC Commissioner Scott D. O’Malia: Open Meeting On Position Limits For Futures And Swaps; Derivatives Clearing Organizations; Effective Date For Swap Regulation

Date 18/10/2011

Today, the Commission is voting on final rulemakings on position limits and the operation of derivatives clearing organizations (“DCOs”). Further, the Commission is voting on a proposed order that would extend needed exemptive relief to market participants during the pendency of Commission rulemaking. Before we begin, I would like to join my colleagues in thanking the three teams responsible for the final rulemakings and the proposed order. Their hard work has resulted in comprehensive documents totaling nearly 800 pages. Their perseverance over the one-and-a-half-year rulemaking process has been truly inspiring.

A Coordination Framework For Monitoring The Implementation Of Agreed G20/FSB Financial Reforms

Date 18/10/2011

At the request of the G20, the FSB has monitored progress in the development and implementation of the G20 recommendations for financial sector policy reforms since the Washington Summit in November 2008. The regular reports to G20 Ministers and Governors and to G20 Leaders have to this point focused primarily on the progress of global policy development in major reform areas.

Opening Statement, Public Meeting On Final Rules Under The Dodd-Frank Act - CFTC Commissioner Michael V. Dunn

Date 18/10/2011

Thank you all for joining us today for another meeting to consider final rules promulgated pursuant to the Dodd-Frank Act. Today we consider rules in two areas: position limits and derivatives clearing organizations. We also consider a proposed amendment to the effective date for regulation.

Financial Stability Board Publishes Framework For Monitoring And Reporting On The Implementation Of G20 Financial Reforms

Date 18/10/2011

The Financial Stability Board (FSB) published today a framework for monitoring and reporting on the implementation of G20 financial reforms.

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

Date 18/10/2011

Good morning. Thank you Mr. Chairman and thank you to the teams that have worked so hard on the final rules before us today and on the amendments to the Commission’s July 14, 2011 Order relating to the Effective Date for Swap Regulation. The current Order expires on December 31, 2011, and I am glad we are addressing the necessary amendments to that Order now instead of waiting until the last minute to provide certainty to market participants.

FINRA Investor Alert Urges American Workers To Take Advantage Of 401(k) Match

Date 18/10/2011

The Financial Industry Regulatory Authority (FINRA) today issued Why Leave Money on the Table—Make the Most of Your Employer's 401(k) Match to encourage greater 401(k) contributions by the nearly 30 percent of American workers who are not contributing enough to receive their full employer match. In order to help employees meet their retirement goals, many employers match a worker's 401(k) contributions. One of the most common matches is a dollar-for-dollar match of up to 3 percent of the employee's salary. FINRA is issuing this Investor Alert because too few workers are taking advantage of a simple benefit that can help them meet their retirement goals.

“Huggy Bear And Position Limits” - Statement Of Commissioner Bart Chilton Before The CFTC Public Meeting

Date 18/10/2011

This will date me. I don’t know how many of you remember the television series Starsky and Hutch. Huggy Bear was the informant, the narc, who provided tips to the detectives. What Huggy Bear said to Starsky and Hutch was, “I’ll lay it out so you can play it out.”

Opening Statement Before A Meeting Of The Commodity Futures Trading Commission, Washington, DC - Chairman Gary Gensler

Date 18/10/2011

Introduction

Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission (CFTC) to consider proposed 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.