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Swaps platforms call for level playing field with futures exchanges

Feb 01 2013 Emmanuel Olaoye, Regulatory Intelligence

Representatives from investment banks and swap trading venues called on the U.S. futures industry regulator to address an "unlevel playing field" between the over-the-counter swaps market and futures exchanges. CFTC Chairman Gary Gensler, said at the start of a roundtable discussion on the futurization of swaps that the entire derivatives markets would benefit from central clearing in the futures and swaps markets. "Now that the entire derivatives marketplace -- both futures and swaps – has comprehensive oversight, it's the natural order of things for some realignment to take place." But during the discussion, officials from investment banks and various trading platforms which dominate the $650 trillion over-the-counter swaps market urged the Commodity Futures Trading Commission to consider imposing more rules on futures which have lower margin and capital requirements than swaps. George Harrington, global head of fixed income trading at Bloomberg LP, criticized the different

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