The U.S. Commodity Futures Trading Commission (CFTC) plans to intensify oversight of swaps clearinghouses to ensure they don't threaten the financial system they are meant to help secure.
CFTC Chairman Timothy Massad said in a Sept. 5 interview that his agency will bolster examinations of clearinghouses, which process trillions of dollars in transactions and are potentially vulnerable to market shocks or cyber attacks. The agency is working with the Federal Reserve on the effort, he said.
New rules requiring banks and other firms to use clearinghouses owned by LCH, Clearnet Group Ltd., CME Group Inc., and Intercontinental Exchange Inc. have been “a great thing” and have helped regulators “monitor and mitigate risks, but it doesn't eliminate risk,” according to Massad.
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