Giancarlo: CFTC has no right to end swap market split
The CFTC has no mandate to decide on the appropriate structure for swap market liquidity, commissioner argues at conference
The Commodity Futures Trading Commission (CFTC) has no authority to create an all-to-all US swaps market, and liquidity will suffer if the agency tries to remove the barriers dividing the market into interdealer and dealer-to-client liquidity pools. Those were the opinions voiced by CFTC commissioner Christopher Giancarlo at a conference in New York on February 10.
"Markets will evolve from a dealer-to-dealer and dealer-to-client market-place to something that looks more like an all-to-all
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