“Our dealings with the CFTC have been good over the last few weeks, better than before,” said an unnamed European official, commenting on a number of meetings between the EU and the CFTC. While referring to concerns over SEF-driven market fragmentation and extra-territorial fiat by footnote (513), the remarks are the latest indication that the CFTC under temporary Chairman Mark Wetjen, is taking a more conciliatory, less autocratic approach. Should the trend continue, it will be in clear contrast to his predecessor’s “shoot first and issue no-action letters later” approach. In an agency where power resides with at most 5 (currently 3) people, and which is tasked with overseeing some of the world’s largest markets, style is substantial. The official concluded his comment with “But we’re still worried”, so at least some things don’t change.
This piece is cross-posted from Regulatory Reform with permission.