Later today, we will provide clients with an in-depth analysis of CFTC Chairman Giancarlo’s testimony before the House Agriculture Committee on his agency’s agenda.  Much of this is shaped by the Trump Administration’s report on capital-markets regulation and this report thus analyzes its recommendations related to derivatives trading and risk management in detail.  A FedFin report yesterday (see Client Report FMU14) also addresses critical Treasury recommendations addressing derivatives clearing which are also high on CFTC’s agenda.  As we noted Friday, SEC-CFTC consolidation is not recommended – a contrast to the last-time Treasury attempted a regulatory blueprint shortly before the 2008 crisis overtook all such efforts (see Client Report CHARTER16).  Treasury nonetheless takes on significant questions, strongly criticizing both the inter-affiliate provisions and overall capital standards in the bank capital rules for uncleared derivatives (see FSM Report DERIVATIVES28).  

The full report is available to retainer clients. To find out how you can sign up for the service, click here.