CFTC Chair Massad Reports On Clearing, Cybersecurity And Swaps

CFTC Chair Timothy Massad outlined CFTC developments concerning (i) the strength and stability of clearinghouses, (ii) technological changes and innovations in the marketplace, and (iii) remaining rulemaking required by the Dodd-Frank Act.

• Clearinghouse Resiliency, Recovery and Resolution Planning. Chair Massad expects the CFTC to finish the first phase of clearinghouse stress testing "later this fall" and that the CFTC will issue a public report of results once completed. He also stated that the CFTC has made final recovery and wind-down plans for systemically important clearinghouses "a top priority for the fall" that he expects to be completed by the end of 2016. Additionally, Chair Massad confirmed that the CFTC is continuing to work with international working groups to address clearinghouse resilience and recovery issues, implementation of these standards, resolution planning for clearinghouses, and "interdependencies" among clearinghouses and their members.