In a farewell address, CFTC Commissioner Sharon Y. Bowen reflected on agency accomplishments during her tenure and highlighted "unfinished business."

Ms. Bowen highlighted the following:

  • Clearing. Ms. Bowen cited the expansion of clearing as an example of CFTC efforts to enhance transparency and improve the safety and soundness of the regulatory system. She pointed out that the CFTC expansion of mandatory clearing for additional types of interest rate swaps was coordinated with mandatory clearing determinations in other jurisdictions. She noted the work of the CFTC Market Risk Advisory Committee in addressing various aspects of CCP risk management, and referenced their work as inspiring the CFTC to take a closer look at CCP coordination.
  • International Cooperation. Ms. Bowen emphasized the importance of international cooperation. She praised the clearinghouse equivalence agreement with the European Commission as a positive development, and encouraged a continuing commitment to global collaboration on enforcement matters.
  • Swap Data Reporting. Ms. Bowen noted successful efforts to harmonize swap data reporting standards across jurisdictions and suggested that international harmonization is extremely important for global regulators to be able to have a full picture of markets in order to regulate effectively.
  • Cybersecurity. Ms. Bowen said the CFTC has "much work" to do on cybersecurity, noting that agency-regulated firms are subject to an "unrelenting onslaught" of attacks and that the CFTC needs to have "clear and effective cybersecurity measures in place."
  • High-Frequency Trading. Ms. Bowen argued that the United States should look to MiFID II regulations in Europe and provide for "robust oversight" of algorithmic trading firms in the interest of harmonization and avoiding potential for regulatory arbitrage.

Ms. Bowen expressed concern that the CFTC remains underfunded, and commended Chair Giancarlo for urging Congress to increase CFTC funding.

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