Giancarlo plans swaps and swap dealer rules before leaving | TheFencePost.com

Giancarlo plans swaps and swap dealer rules before leaving

-The Hagstrom Report

Commodity Futures Trading Commission Chairman Christopher Giancarlo said today that before he leaves office he intends to put forward a rule proposal to address the registration of non-U.S. clearing swaps for U.S. persons and a rule proposal addressing the registration and regulation of non-U.S. swap dealers and major swap participants.

“In particular, the proposal will address the risk that non-U.S. swap dealing activity poses to the United States, but do so in a way that does not apply the swap dealer rules extraterritorially without sufficient consideration of whether the activity truly poses a ‘direct and significant’ risk to the U.S. financial system, as Congress intended,” Giancarlo told the Senate Financial Services and General Government Appropriations Subcommittee at a hearing about President Donald Trump’s 2020 budget requests for the CFTC and the Securities and Exchange Commission.

Giancarlo’s term expired in April, but he is expected to remain in office until his successor, Heath Tarbert, is confirmed.