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CFTC chairman tenders post-election resignation

Joe Mont | January 5, 2017

The post-election exodus continues. Timothy Massad, chairman of the Commodity Futures Trading Commission, has announced his departure from the agency, effective Jan. 20.

“I came to the CFTC with a number of priorities, and I am proud we have made significant progress in every area,” he said in a statement. “We have largely finished implementing the regulatory framework for swaps, and have concentrated on the areas posing the greatest risk to the financial system. We have taken many actions to make sure commercial businesses can continue using the derivatives markets efficiently and effectively to hedge routine commercial risk and engage in price discovery.”

Among the accomplishments under his tenure, the Commission proposed and adopted margin requirements for uncleared swap transactions, among the most important elements of swaps market regulation called for by the Dodd-Frank Act. The CFTC also worked to ensure clearinghouses are stronger and more resilient through...

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