“Thank you Mr. Chairman. And welcome, Chairman Giancarlo, to the Agriculture Committee. You’ve appeared before the Committee before but this is your first time as Chairman.
“I’m looking forward to your testimony today on where you see the CFTC heading under your tenure. And I’m particularly interested in how you anticipate the final implementation of Dodd-Frank. I’ve generally been impressed with how the Commission has gone about enacting these changes and look forward to seeing continued efforts to bring more transparency to the derivatives marketplace.
“I am concerned, however, that Europe’s rules for their version of our Swap Execution Facilities don’t provide anywhere near the pre- and post-trade transparency that our rules do. I understand you have been negotiating an equivalence agreement on those rules and that you are close to reaching one. Hopefully any final agreement will more closely align with our transparency rules.
“The CFTC has a very important role to play, protecting the integrity of the derivative markets. This protects not just those who use the markets but the economy as a whole.
“With that, Chairman Giancarlo, I look forward to your testimony. I yield back."
Source: House Committee on Agriculture
