SEC, CFTC Hear Testimony on New Rules Governing Swaps

Discussion centers on fairness in swap execution facilities

AdvisorOne.com's sister publication, FuturesMag.com, reported Thursday on the Securities and Exchange Commision (SEC) and the Commodity Futures Trading Commission's (CFTC) joint roundtable discussion as the two regulators move to start writing rules governing swaps.

Gary Gensler, CFTC chairman, released a short statement before the round table, saying, "Requiring swaps to be traded on regulated trading platforms will bring transparency and better pricing to the derivatives markets. This will lower risk and costs for businesses. I look forward to hearing panelist views at today's roundtable to inform our rule-writing in this area."

The report is in FuturesMag.com's Buy the Rumor, Sell the Fact blog.

The blog notes that those testifying followed Gensler's blueprint, although there was "still room for discussion on how swap execution facilities (SEFs) and security-based swap execution facilities (SB SEFs)will operate. Much of that discussion centered around concepts of "fairness," especially as it pertains to exchange access and disclosure.

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