CFTC chairman entered the fray at a crucial time for regulatory reform in the vast US derivatives market
Timothy George Massad became one year ago
the most powerful derivatives regulator on the planet and was
pitched headlong into a regulatory maelstrom that had been
building since the financial crisis of 2008.
The new chairman of the Commodity Futures
Trading Commission entered the fray at a crucial time in the
regulatory reform of the US derivatives market.
By mid-2014, most of the Dodd-Frank rules
had been implemented but problems were already emerging, not
least the obvious cooling of relations between US regulators
and their European peers.
At the time of Massad’s
coronation, the reluctance of European dealers to trade swaps
with US counterparties was well-known but the refusal by the
European Commission to recognise the "equivalence" of the CFTC
regulatory regime was not seen as a serious stumbling
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