CFTC split over Giancarlo ‘white paper’ for cross-border deference, Behnam says

26 October 2018 7:10pm
The US Commodity Futures Trading Commission is far from a consensus on Chairman J. Christopher Giancarlo’s roadmap for new rules to defer to offshore regulators whose regimes are comparable to those in the US, Democratic Commissioner Rostin Behnam said.

“There are many issues that the commission needs to work out to ensure that its arrows are collected into a bundle before it moves forward,” he told an industry conference* in Tokyo on Thursday.

Behnam also took issue with Giancarlo’s bashing of his Democratic predecessors’ “overreach” in applying US derivative standards overseas, which included an apology to European regulators in London last month.

“I disagree with the chairman’s criticism of those who served the commission before us and had difficult choices to make at a time of great crisis,” Behnam said.