On September 29, 2015, Commodity
Futures Trading Commission (CFTC) Chairman Timothy Massad delivered
a "State of the Derivatives Marketplace"
speech before the 3rd Annual OTC Derivative Summit North
America. The speech highlighted risks facing derivatives
clearinghouses, including cybersecurity. Chairman Massad said:
"We're stepping up efforts to protect against cyber
threats – as well as technological and operational risk
generally. That's because clearinghouse risk does not come only
from credit or market risk." To address cyber threats, the
CFTC will add cybersecurity system safeguards, including
information security programs, as part of the core principles and
regulations applicable to clearinghouses, designated contract
markets, swap execution facilities, swap data repositories (SDRs)
and other entities. CFTC examinations will focus on an
institution's information security programs to determine
whether it's practicing good cyber
hygiene and following written
