On Oct. 2, the Commodity Futures Trading Commission (CFTC) oversaw the launch of “swap execution facility platforms. Called the “future of derivatives trading” by Bloomberg, these platforms are the culmination of reforms in Dodd-Frank designed to bring price transparency to the opaque and dark over-the-counter derivatives market that helped cause the financial crisis. And, unlike the health-care exchanges in Obamacare, these electronic platforms launched without any notable problems. The Wall Street Journal reported no significant glitches, as roughly $462 billion in interest-rate swaps and $26 billion worth of credit derivatives were traded in these swap execution facilities (SEFs) in the first week alone. To better understand both the launch of this crucial part of financial reform, as well as how the status of derivatives reform is going more broadly, I spoke with Gary Gensler, the chairman of the CFTC. This interview has been edited for clarity and length.
Posted on: Sun, 20 Oct 2013 04:53:40 +0000
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