The U.S. Commodity Futures Trading Commission (CFTC) plans tointensify oversight of swaps clearinghouses to ensure they don'tthreaten the financial system they are meant to help secure.
CFTC Chairman Timothy Massad said in a Sept. 5 interview thathis agency will bolster examinations of clearinghouses, whichprocess trillions of dollars in transactions and are potentiallyvulnerable to market shocks or cyber attacks. The agency is workingwith the Federal Reserve on the effort, he said.
New rules requiring banks and other firms to use clearinghousesowned by LCH, Clearnet Group Ltd., CME Group Inc., andIntercontinental Exchange Inc. have been “a great thing” and havehelped regulators “monitor and mitigate risks, but it doesn'teliminate risk,” according to Massad.
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