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CFTC's Giancarlo Barred from Meeting SEF Bigwigs

By Joe Rennison
Published October 10, 2014 Risk

Former GFI staffer and WMBAA board member cannot speak to ex-colleagues in CFTC role - an outcome one Sef describes as "bizarre"

Chris Giancarlo, one of three recently appointed commissioners at the US Commodity Futures Trading Commission (CFTC), is barred by conflict of interest rules from meeting with former employer GFI Group as well as any board members of the Wholesale Markets Brokers' Association Americas (WMBAA), where Giancarlo was also a member.

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Global Repository Plan ‘a Dream’, Says Isda CEO

By Philip Stafford
Published September 24, 2014 Financial Times

A plan to create a centralised mechanism for the world’s global over-the-counter-derivatives data has been called “a dream” by the industry’s main trade association.

Scott O’Malia, new chief executive of the International Swaps and Derivatives Association, said a recommendation by the Financial Stability Board to create a centralised utility for regulators to share data was “a nice vision for the future but the reality is dealing with what we have today and making that work”.

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Futures Regulator O'Malia to Be Swaps Group Chief

By Scott Patterson
Published July 23, 2014 Wall Street Journal

A departing Republican futures regulator will take the helm of a major Wall Street trade group in August.

Republican Scott O'Malia of the Commodity Futures Trading Commission will become chief executive of the International Swaps and Derivatives Association Inc., a multinational group of institutions known for pushing back against federal regulation of swaps trading.

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CFTC’s Scott O’Malia to Resign From U.S. Swaps Regulator

By Silla Brush
Published July 21, 2014 Bloomberg

Scott O’Malia, a Republican who used his position on the Commodity Futures Trading Commission to criticize some of the agency’s efforts to rein in the $700 trillion global swaps market, said he will resign next month.

O’Malia, 46, the longest-serving member of the current CFTC panel, will step down effective Aug. 8 after more than four years at the agency, he said in a letter released today.

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US, EU Differences on Cross-Border Rules Risk Permanent Liquidity Drain: O'Malia

By Christopher Tremulis
Published July 15, 2014 Platts

US and European regulators must quickly come together to harmonize international derivatives trading rules before market fragmentation and low liquidity become lasting fixtures of the swaps and futures markets, Commissioner Scott O'Malia of the US Commodity Futures Trading Commission said Tuesday.

In a keynote address before a quadrilateral meeting of financial lawyers groups at the Federal Reserve Bank of New York, O'Malia renewed calls for the European Commission and the CFTC to declare that the US regulatory regime is equivalent under the European Market Infrastructure Regulation.

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Data Woes Move Front and Center

By Mike Kentz
Published May 27, 2014 IFR

Discrepancies in how the four main US swap trade repositories collect and store data is threatening to derail regulatory efforts to build a comprehensive view of the over-the-counter derivatives market – a key tenet of the 2009 G20 agreement on financial reforms.

CFTC Commissioner Scott O’Malia will outline a plan for reconciling the various forms of data being reported across the market at a Technology Advisory Committee meeting on June 3, but brokering a compromise is likely to be an uphill struggle.

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Concerns Raised Over MiFID Consultation Timetable

By John Bakie
Published May 28, 2014 The Trade

The European Securities and Markets Authority’s (ESMA) discussion paper on MiFID II, published last week, gives some initial insights into the practical implications of the upcoming regime, though there remains much uncertainty.

ESMA has published two papers on MiFID II. The first is a consultation the regulator will use to provide the European Commission with additional advice about the implementation process, outlining the potential impact of some measures and performing a cost-benefit analysis of the process.

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CFTC’s O’Malia Makes Urgent Call for Transatlantic Data Sharing

By John Bakie
Published May 22, 2014 The Trade

Negotiations between US and European regulators on how best to utilise swap reporting data should begin immediately, commissioner Scott O’Malia of the Commodity Futures Trading Commission (CFTC) has said.

Speaking before yesterday’s meeting of the US derivatives regulator’s influential Global Markets Advisory Committee, he said not enough was being done to harmonise reporting and share data to fully understand systemic risks in the global swaps market.

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Scott O'Malia, It's Your Fault

By Duncan Wood
Published May 1, 2014 Risk

Sorry, that might sound a little rude. I should probably explain. At this year’s Futures Industry Association get-together in Boca Raton in March, Risk had the chance to speak with O’Malia – one of the commissioners at the Commodity Futures Trading Commission (CFTC). The topic of swaps market fragmentation came up. 

This is the idea, bandied around for the best part of a year now, that the different timelines for over-the-counter derivatives reforms would result in non-US market participants avoiding US counterparties because they would not want their trades to be subject to clearing requirements, or the need to execute on a swap execution facility (Sef), until corresponding requirements came into force in Asia and Europe.

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CFTC Launches Inquiry Into Evasion of Swaps Rules

By Douwe Miedema
Published April 28, 2014 Reuters

The U.S. swaps regulator plans to research whether U.S. banks' overseas trading activity is complying with its rules, a senior official said on Monday, as Wall Street adapts to new rules for the $690 trillion global market.

Scott O'Malia, a Republican member of the Commodity Futures Trading Commission, said he had asked the agency's staff for a legal opinion on whether U.S. banks were possibly evading its rules when doing business in Europe.

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