Michael V. Dunn, a member of the Commodity Futures Trading Commission until last year, was named non-executive chairman of the largest database of U.S. swap information as regulators prepare to complete an overhaul of financial regulations required under the Dodd-Frank Act.
The Depository Trust and Clearing Corp. today said Dunn, who joined the commission in December 2004, would help the database align the needs of participants in the markets and regulators. Dodd-Frank intends for so-called swap data repositories to provide regulators access to information about the price and volume of trades in an effort to increase transparency about the $708 trillion global swaps market.
“I’m just looking forward to taking the next step toward fulfilling the Dodd-Frank Act,” Dunn, also a senior adviser at Washington-based Patton Boggs LLP law firm, said in a telephone interview. Dunn stepped down on Oct. 24 from the CFTC, the main U.S. derivatives regulator implementing Dodd-Frank.
The 2010 financial-regulation overhaul was enacted after largely unregulated swaps helped fuel the 2008 credit crisis. Gary Gensler, chairman of the CFTC, said last week that he wants the agency to publish aggregate swaps-market information on a regular basis that is publicly accessible.