February 25, 2011
The Dodd-Frank Act is causing a radical restructuring of the over-the-counter derivatives market.
By Commissioner Scott D. O’Malia
The Commodity Futures Trading Commission (CFTC) has embarked on a radical restructuring of the over-the-counter (OTC) derivatives market, at a pace that hardly allows us to even consider the impact of our new rules. We owe it to the markets we regulate, and to the American people who rely on them, to slow down and develop a carefully considered plan to carry out our mission. I believe we should not vote on any more final rules until the commission settles on an implementation strategy and a timeline that are realistic.
Our tight schedule, dictated by the 2010 Dodd-Frank Act, does not allow market participants enough time to fully evaluate the impact of the new rules and submit meaningful comments. Since just August of last year, the CFTC has published over 40 rule proposals, totaling around 975 Federal Register pages, and plans to release the entirety of its Dodd-Frank rule proposals by March…
Read the full op/ed in the Wall Street Journal.
Last Updated: February 28, 2011