CFTC's new chairman: the market responds

Author: Zoe Thomas | Published: 13 Nov 2013
  • President Obama announced Timothy Massad as his nomination to replace Commodity Futures Trading Commission (CFTC) chairman Gary Gensler in January;
  • Two other CFTC commissioners will also be stepping down leading to a possible shakeup in the behaviour of the CFTC, though some are sceptical all three will be replaced;
  • Market participants are eager to see the CFTC slow down the progress of new regulation implementation and open the dialogue between regulators and the market.

President Obama this week announced his choice to succeed Gary Gensler as the head of the Commodity Futures Trading Commission (CFTC).

The nomination of Timothy Massad, a former Cravath Swine & Moore partner and current Assistant Treasury Security overseeing the Troubled Asset Relief Program (Tarp), was expected but received mixed reviews regardless.

If confirmed by the...