01.04.2017

Massad Reflects on CFTC Tenure

January 3, 2017

For the past two and a half years, I’ve had the privilege of working alongside the very talented CFTC staff, and I thank them for their dedication on behalf of the American people. I also want to express my appreciation to my fellow Commissioners, Sharon Bowen and Chris Giancarlo, for the constructive and collaborative engagement we have had throughout my tenure. I am also very grateful to President Obama for giving me the opportunity to lead this important agency.

I came to the CFTC with a number of priorities, and I am proud we have made significant progress in every area. 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.

We have improved international coordination by harmonizing rules in many areas, strengthening relationships, and working with other regulators on oversight of markets, all of which has reduced inconsistency and the risk of regulatory arbitrage. We have engaged in robust enforcement efforts to hold bad actors accountable and protect users of these markets. And we have taken action to address the new challenges and opportunities in the derivatives markets, particularly cyber threats, clearinghouse resilience, and the increased use of automated trading.

The United States has the greatest financial markets in the world, and sensible regulation is vital to ensuring that they remain strong, dynamic, and innovative. I am grateful to have had the opportunity to contribute to that important objective.

I also want to thank all of my fellow financial regulators as well as members of the House of Representatives and the Senate, with whom I have had the pleasure of working during my tenure. Most importantly, I want to express my deepest gratitude to my wife Charlotte and my two children, Emil and Jayne, for their love and support.

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