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Conaway Statement on CFTC-Proposed Rules on Crossborder Clearinghouse Registration, Giancarlo’s Departure from CFTC

Washington, D.C. – Today the Commodity Futures Trading Commission (CFTC) held an open meeting in which it proposed two rules related to crossborder clearinghouse regulation. After the meeting, House Agriculture Committee Ranking Member K. Michael Conaway (TX-11) made the following remarks:

“Today the commission proposed two amendments to their rules to better facilitate cross-border deference among clearinghouse regulators. I am supportive of the chairman’s goals, and I applaud him for trying to find a workable path forward with European regulators. However, the next steps must be taken by Europe. I encourage the European Commission to consider these proposals and work with incoming Chairman Tarbert to find a reasonable implementation of EMIR 2.2 that maintains our healthy, global derivatives markets.

“During his time in office, Chris has worked hard to break down ideological divisions and to present positions supported by evidence—and not simply retread the same battles of the past. He leaves the commission and the derivatives community a better place through his service, and I wish him well in his next endeavor.”

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