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September 17, 2020

Better Markets Commends the CFTC’s Bipartisan Final Rule Increasing Transparency in the Swaps Markets

FOR IMMEDIATE RELEASE

Thursday, September 17, 2020

Contact:  Pamela Russell at prussell@bettermarkets.com

Washington, D.C.  –  Joseph R. Cisewski, Senior Derivatives Consultant and Special Counsel for Better Markets, issued the following statement with respect to the Commodity Futures Trading Commission’s (CFTC) finalization of new real-time public reporting regulations:

“Earlier this morning, the CFTC finalized a unanimous, bipartisan real-time reporting rule that protects and expands post-trade transparency in the swaps markets. We commend the CFTC and its leadership for its principled action to limit exceptions from real-time public reporting for ‘block’ transactions, which are meant to include only the very largest swaps transactions.

“The real-time reporting rule adopted today is especially noteworthy for the CFTC and its staff’s honorable defense of the public interest in the face of a flurry of last-minute lobbying by Wall Street’s largest derivatives dealers and their trade associations (as well as their largest clients). These interests pulled out all the stops in their attempts to convince the CFTC to maintain unnecessary advantages for the largest derivatives dealers already dominating the swaps markets. That lobbying effort has rightly failed.

“Indeed, the CFTC’s real-time public reporting revisions address the primary concerns raised in Better Markets’ comment letter, defending post-trade transparency. We applaud, in particular, the CFTC’s prudent decision to abandon its proposal that would have permitted more than a 19,000% increase in public reporting delays for block trades. In addition, we applaud the CFTC’s support for an expansion of swaps categories subject to real-time public reporting as opposed to delayed public reporting.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

 

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