CFTC’s Giancarlo slams automatic cut to dealer threshold
Commissioner questions need to slash de minimis level to $3 billion
Chris Giancarlo, the sole Republican on the US Commodity Futures Trading Commission (CFTC), has criticised the agency's plan to sharply lower a key threshold for swap dealer registration in 2017, a move that could force a number of energy firms to register as dealers under the US Dodd-Frank Act.
The de minimis threshold, which now stands at $8 billion, is due to be cut automatically to $3 billion in late 2017 unless the CFTC takes action to prevent it from dropping. Any firm whose gross notional
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