The U.S. Commodity Futures Trading Commission (CFTC) has published a speech by its Chairman, Timothy Massad. The speech was given at the Swap Execution Facility (SEF) Conference on 26 October 2015.

In his speech Mr Massad discussed what the CFTC has been doing to improve and further encourage the open, transparent and competitive trading of swaps on SEFs. He also discussed the mutual recognition of U.S. and EU trading platforms and stated that while there are many differences in U.S. and EU rules in areas such as pre and post-trade transparency, trading protocols, access and oversight requirements, mutual recognition is critical.

Mr Massad added:

“I can’t outline any solutions today. But our staffs, along with staff from ESMA and the Financial Conduct Authority, have been spending time together so that we understand each other’s rules better. That is a first step. And as we do that, we can consider what the best path is to mutual recognition.”

View Keynote Remarks of Chairman Timothy Massad before the Swap Execution Facility Conference, 26 October 2015