Giancarlo: scrap CFTC Sef rules and start over

CFTC commissioner Christopher Giancarlo has called for the Sef rules to be torn up and rewritten, and for swaps traders to pass exams before being permitted to trade

CFTC commissioner Christopher Giancarlo

Christopher Giancarlo, a commissioner at the Commodity Futures Trading Commission (CFTC), has called for the year-old rules governing new derivatives trading platforms to be scrapped, and for the regulator to go back to the drawing board. He has also proposed that swap traders sit exams before being approved to trade.

Speaking at a conference in New York yesterday, Giancarlo proposed sweeping changes to the agency's swap execution facility (Sef) rules, which he argued would address a number of

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