The new commissioner of the CFTC, Tim Massad, takes charge of the agency at a pivotal time when they shift from Dodd Frank rulemaking to enforcement. Massad plans to be tough about enforcing new market regulations, but admitted he would be willing to tweak rules to ensure the markets work well and to avoid punishing derivatives end-users.
The new head of the U.S. derivatives regulator on Thursday pledged he would be a tough cop now that the agency has largely finished a raft of new rules to oversee the $710 trillion global swaps market. Tim Massad, who took the helm at the Commodity Futures Trading Commission in June, also said he would tweak any rules designed to rein in Wall Street firms if they made it harder for others, such as energy companies that use derivatives to hedge risk, to access the market. "One of my priorities will be to make sure these markets still work very well for the commercial companies, the non-financial companies, who had nothing to do with the crisis and who rely on this market very heavily," Massad said.