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March 20, 2013

CFTC Delays Swaps Vote As Member Voices Concerns

The Commodity Futures Trading Commission delayed a vote on establishing trading venues for complex derivatives that exacerbated the 2008 financial crisis, as the agency’s swing vote voiced concerns about the plan’s market repercussions.

The final swaps regulation may be shaped by a swing vote, Mark Wetjen, a Democrat on the CFTC who so far hasn’t said how he will vote on the draft rule.

The CFTC tentatively set a meeting for March 1, pushing back a meeting scheduled for Tuesday, when a vote had been expected. A spokesman said the next meeting hasn’t been officially announced and is subject to change.

Since joining the commission in 2011, Mr. Wetjen has earned a reputation as a deliberative consensus seeker who is as concerned with the views of Republican members as he is with his fellow Democrats. The commission regulates swaps along with futures and other derivatives.”

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Read full Wall Street Journal article here

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