Giancarlo’s last stand: the race to complete Sef reforms

Part of flagship proposals could be left to his successor, putting their fate in doubt

Even before he became chairman of the Commodity Futures Trading Commission, Christopher Giancarlo had always been vocal about the need to reform the US trading venue regime for swaps. The ambitious proposal from November 2018 could therefore be considered the flagship of his time in office.

The proposed rulemaking would completely overhaul the market structure for swap execution facilities (Sefs) and affect everyone who trades swaps. The chairman made clear to Risk.net that he wanted to see it