Clients feel forgotten by Giancarlo’s swaps trading plans

Industry says wider Sef mandate ignores reality of dealer-to-client market

For a man with not long left in power, Christopher Giancarlo has his work cut out. The chairman of the Commodity Futures Trading Commission (CFTC), whom some experts say might be out of office come late April, is facing a backlash over his long-awaited proposals to reform how derivatives trade.

Signposted by two public whitepapers, one as a commissioner in 2015 and another as chairman last year, Giancarlo has long been a public critic of how the original rules governing swap execution