House Ag Sends Clear Message to Europe: Don’t Walk Back Equivalence
Today’s House Agriculture hearing with CFTC Chairman Giancarlo covered many issues in Treasury’s latest report (see Client Report DERIVATIVES32), with the CFTC chairman standing by much in Treasury’s statement across an array of derivatives-market issues. However, under questioning he departed from the Trump Administration’s overall opposition to OLA, saying that large CCPs should come under a revised version of the orderly-liquidation authority because bankruptcy resolution is not viable in this systemic arena.