Is swaps regulation a distraction from futures regulation?
February 1, 2012
“Instead of taking action to comprehensively identify and address vulnerabilities in futures customer protection, the Commission continues its all-consuming fixation on swaps regulation. Since the Dodd-Frank Act became law, the Commission has acted like a little child, abandoning the old toy and “swapping” them out for the new. It has concentrated on swaps rulemaking, while averting its gaze from the futures markets and their developments.”
“In light of MF Global and HFT, the Commission can no longer afford to devote the majority of its resources to swaps regulation, thus ignoring the rest of its mission.”
Address by CFTC Commissioner D. Scott O’Malia, Jan. 31, 2012