About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SEC’s Cox Calls for Merger of CFTC and SEC

Subscribe to our newsletter

Originally appeared in MiFID Monitor

The credit derivatives regulatory turf war that has been ongoing for the last couple of months may soon be over if the proposal by the chairman of the US Securities and Exchange Commission (SEC) for a merger between the SEC and the Commodity Futures Trading Commission (CFTC) is approved. Christopher Cox has publicly stated his support for the merger and suggested to a hearing before Congress this week that a select committee on financial services regulatory reform should be formed to explore the details.

“This would bring futures within the same general framework that currently governs economically similar securities,” he told the Congressional hearing.

Although the SEC and CFTC signed an agreement to increase cooperation in March, they have been recently engaged in jurisdictional battles concerning the regulation of the credit default swap (CDS) market. The discussions around the establishment of a CDS clearing counterparty have been mired in a legal quandary as the once clear cut lines between regulatory jurisdiction have blurred.

Cox’s suggestion would solve these issues and it is he first time that he has displayed support for such a merger.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Sponsored by FundGuard: NAV Resilience Under DORA, A Year of Lessons Learned

The EU’s Digital Operational Resilience Act (DORA) came into force a year ago, and is reshaping how asset managers, asset owners and fund service providers think about operational risk. While DORA’s focus is squarely on ICT resilience and third-party dependencies, its implications extend deep into core operational processes that are critical to market integrity, investor...

BLOG

Swap Data Was Supposed to Deliver Transparency. A Decade Later, Regulators Are Still Trying to Use It

For more than a decade, regulators have collected vast quantities of derivatives transaction data through swap data repositories (SDRs) mandated by post-crisis financial reforms. Yet despite the scale of these datasets, transforming reported trade data into meaningful supervisory insight has often proved more difficult than policymakers anticipated. A new Memorandum of Understanding (MOU) between the...

EVENT

TradingTech Summit New York

Our TradingTech Summit in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Best Practice Client Onboarding

Client onboarding is central to the success of banks, yet it continues to present challenges and the benefits of getting it right are difficult to achieve. The challenges arise from siloed systems, manual processes and poor entity data quality. The potential benefits of successful implementation include excellent client experience, improved client acquisition and loyalty, new business opportunities, reductions in costs, competitive advantage, and confidence in compliance.