US futures regulator said more oversight could address problem of Euro-clearing
Timothy Massad, the chairman of the US
futures watchdog the Commodity Futures Trading Commission, has
called on his successor to uphold the reforms introduced under
his watch and suggested a solution to London’s
clearing dilemma created by Brexit.
Massad, who is set to leave his post as
the world’s most powerful futures regulator when
Donald Trump becomes president on January, called for caution
in what will be one of his last speeches as CFTC chair.
Speaking in London, Massad said late on
Tuesday: "My belief is that to repeal or dismantle the reforms
we have implemented would be a major mistake. These reforms
have made the financial system more resilient, which
contributes to a strong economy. Their repeal would not
contribute to improving the economic conditions that might have
given rise to populist discontent expressed in recent
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