Scott O'Malia, it's your fault

Swaps markets have fragmented, and the CFTC commissioner accepts regulation is to blame

Sorry, that might sound a little rude. I should probably explain. At this year’s Futures Industry Association get-together in Boca Raton in March, Risk had the chance to speak with O’Malia – one of the commissioners at the Commodity Futures Trading Commission (CFTC). The topic of swaps market fragmentation came up. 

This is the idea, bandied around for the best part of a year now, that the different timelines for over-the-counter derivatives reforms would result in non-US market participants avo