Swap rules set for overhaul as Massad quits CFTC

摘要

CFTC chairman Timothy Massad will step down on January 20, opening the door for a partial dismantling of the Dodd-Frank rules as Christopher Giancarlo -CFTC commissioner and outspoker critic of "flawed" derivatives rules -is widely tipped to take over. Since starting his term in 2014, Giancarlo has railed against the barrage of new rules governing the US$544trn over-the-counter swaps market, which he argues put US intermediaries at a competitive disadvantage. As acting chairman, one of Giancarlo's first tasks will be to oversee what he deems an "unrealistic" March 1 deadline for all swaps participants to begin posting variation margin against uncleared derivatives.