
Giancarlo: CFTC has no right to end swap market split
Participants should choose all-to-all or two-tier structure, argues commissioner

The Commodity Futures Trading Commission (CFTC) has no authority to create an all-to-all US swaps market, and liquidity will suffer if the agency tries to remove the barriers dividing the market into interdealer and dealer-to-client liquidity pools. Those were the opinions voiced by CFTC commissioner Christopher Giancarlo at a conference in New York on February 10.
"Markets will evolve from a dealer-to-dealer and dealer-to-client market-place to something that looks more like an all-to-all
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