CFTC Commissioner Brian Quintenz addressed ISDA’s Unlocking Value in Derivatives Markets conference in London yesterday and a few timely remarks were included (as well as some shout-outs to Galileo and Prometheus…). Regarding the crypto elephant in the room Of all the aspects of the Commodity Exchange Act (CEA), Quintenz brought up the provision that exchanges “may not list a contract that is readily susceptible to manipulation.” Ink has already been spilled on how thin some of the closing cash auctions can be on the crypto exchanges which these prospective bitcoin futures contracts will use in determining the underlying’s price. With…
Tag Archives: LabCFTC
“It’s certainly been an incredibly powerful tool for us to utilize in just the last few months. We’ve met with nearly 100 different organizations and entities in that time and we’re beginning to wrap our head around some of the innovations taking place within our markets.” In Part 2 of JLN’s interview with Daniel Gorfine, the CFTC’s chief innovation officer and head of the agency’s new LabCFTC initiative, he talks about how LabCFTC will be beneficial for the industry and breaks down GuidePoint, the component of LabCFTC through which fintech companies will give feedback and engage with the agency.
“Our chairman has articulated very clearly that you can’t be an analog regulator in an increasingly digital world. So, our focus is on facilitating market enhancing innovation while ensuring market integrity.” On May 17, the CFTC announced the launch of its new fintech initiative, LabCFTC. The CFTC hired Daniel Gorfine, a lawyer with a background in financial policy who previously worked for a fintech company, to lead the initiative and become the CFTC’s Chief Innovation Officer on July 10. Gorfine sat down with JLN to discuss how the CFTC plans to become a 21st century regulator.