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Statement Of CFTC Commissioner Kristin N. Johnson In Support Of Proposed Rulemaking On DCO Recovery And Orderly Wind-down Plans

Date 07/06/2023

Derivatives clearing organizations (DCOs) play a significant role in our markets by providing essential clearing and settlement market infrastructure. They are important market intermediaries that create trust in stability by taking on counterparty risk and standing in as financial guarantors in the event of a customer or clearing member default. The risks DCOs take on in providing such services include custody, credit, and liquidity risk; other general business, operational, and legal risks; as well as the risk of its clearing members. Such risks not only threaten the a DCOs continuity of operations, but also a DCOs clearing members resulting in a broader threat to the greater financial system.
Statement Of CFTC Commissioner Kristin N. Johnson In Support Of Notice And Order On EU Capital Comparability Determination

Date 07/06/2023

I support the Commission’s issuance of the proposed capital comparability order for comment (Proposed Order). The Proposed Order, if approved, will allow registered nonbank swap dealers (SDs) organized and domiciled in France and Germany to satisfy certain capital and financial reporting requirements under the Commodity Exchange Act (CEA) by being subject to and complying with comparable capital and financial reporting requirements under the European Union (EU) laws and regulations applicable in those countries. I commend the staff of the Market Participants Division: Amanda Olear, Tom Smith, Rafael Martinez, Liliya Bozhanova, Joo Hong, and Justin McPhee, as well as the members of the Office of International Affairs for their careful review of the capital and financial reporting requirements for SDs organized and domiciled in France and Germany. This is the third proposed capital comparability determination approved for comment since the Commission adopted its substituted compliance framework for non-U.S. domiciled nonbank SDs in July 2020.
Statement On Final Rule To Implement Section 939A(b) Of The Dodd-Frank Act, SEC Commissioner Hester M. Peirce, June 7, 2023

Date 07/06/2023

Almost thirteen years ago, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among the many tasks assigned to the Commission by the Act was the removal of references to credit ratings from the Commission’s rulebook. Although some commenters recommended different measures of creditworthiness for certain exceptions that the final rule amends, the approach the staff is recommending here appears to be, on the whole, a reasonable approach to implementing Congress’s mandate. Accordingly, I am happy to support this recommendation.
Flexibility At The Expense Of Clarity: Statement On Adoption Of Exchange Act Rules 9j-1 And 15fh-4(c), SEC Commissioner Hester M. Peirce June 7, 2023

Date 07/06/2023

Thank you, Mr. Chair. As we have just heard, today the Commission will vote on finalizing Rule 9j-1, which would prohibit fraud and manipulation involving purchases and sales of security-based swaps, and Rule 15fh-4(c), which would prohibit coercion, manipulation, or deception of a security-based swap entity’s chief compliance officer. Although I agree with the objectives of these rules—namely, to reduce the incidence of misconduct in the security-based swap markets—these final rules leave unaddressed concerns I had at the proposing stage about their breadth, and I accordingly cannot support them.
Statement Of CFTC Commissioner Christy Goldsmith Romero: Promoting The Resilience Of Swap Dealers In Europe Through Strong Capital Requirements And Financial Reporting - The CFTC’s Proposed Comparability Determination For European Swap Dealer Capital Requirements

Date 07/06/2023

Today, the Commission considers efforts to safeguard the resilience of four swap dealers in the European Union (“EU”).[1] The proposal is part of the Commission’s “substituted compliance” framework—a framework that promotes global harmonization with like-minded foreign regulators that have rules, supervision and enforcement that are comparable in purpose and effect to the CFTC. Our capital rules are a critical pillar of the Dodd-Frank Act reforms. We must ensure that our comparability assessments are sound and do not increase risk to U.S. markets.

Statement Of CFTC Commissioner Goldsmith Romero: The Public's Interest In Transparency Accountability, Predictability, And Effective Oversight In Clearinghouse Governance - Final Rule: Governance Requirements For Derivatives Clearing Organizations

Date 07/06/2023

Transparency, accountability, predictability, and effective Commission oversight—these are the public interests that I wrote last summer in the description of our proposed governance rule. These public interests are foundational to clearinghouse resilience. They remind us that the impact of market disruptions and stress is felt the hardest by farmers, ranchers, and producers, who face rising inputs, and hardworking American families who may have to pay more to feed their family, drive their car, or cool and heat their homes.
Statement Of CFTC Commissioner Christy Goldsmith Romero On Strengthening And Modernizing Large Trader Reporting Requirements For Transparency And Market Integrity

Date 07/06/2023

At my confirmation hearing for this role, I testified, “If confirmed, my highest priority would be to work to ensure that the markets are working well—that they are open, fair, and competitive….Whether focused on hard commodities like agriculture, energy, or metals, or on the financial sector, the Commission plays a critical role in ensuring that these markets work well. That starts with the Agricultural sector—the farmers, ranchers, and producers our nation depends on—to put food on our tables and contribute to our nation’s economic activity. For our farmers and ranchers to help drive our economy and feed the world, they need U.S. derivatives markets for risk management and price discovery.”
Statement Of CFTC Commissioner Caroline D. Pham In Support Of Proposed Order And Request For Comment On Comparability Determination For EU Nonbank Swap Dealer Capital And Financial Reporting Requirements

Date 07/06/2023

In order to implement Title VII of the Dodd-Frank Act and create a comprehensive regulatory framework for over-the-counter (OTC) derivatives markets, the Commodity Futures Trading Commission (Commission or CFTC) promulgated rules for the registration of swap dealers in 2012.
SIFMA Economist Roundtable Mid-Year Survey: Are We Near The End For Rate Hikes? Fed Funds Rate Expected To Peak At 500-525 bps By 2Q23

Date 07/06/2023

Today, SIFMA unveiled the results of its Economic Advisory Roundtable semiannual survey of the chief U.S. economists of over 20 global and regional financial institutions.
Statement Of CFTC Commissioner Goldsmith Romero: Reducing The Likelihood Of Chaotic Clearinghouse Failures - Proposed Rule: Derivatives Clearing Organizations Recovery And Orderly Wind-Down Plans

Date 07/06/2023

No one expects to fail. But the lessons from the 2008 financial crisis highlight how quickly contagion can spread between highly interconnected institutions, threatening the viability of firms. As the Special Inspector General for TARP (“SIGTARP”), I reported to Congress on the decisions made by the Government to save “too big to fail” Wall Street institutions. The theme that ran through our findings was a massive failure in planning, and shock from institutions and regulators caught unaware by dangerous interconnections across the financial system. The Government intervened with bailouts to avoid the chaos from disorderly bank failures that would hurt Main Street.