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CFTC Charges Man in Connection with Scheme to Misappropriate Over $110M from Digital Asset Exchange in First Such Case

CFTC Charges Man in Connection with Scheme to Misappropriate Over $110M from Digital Asset Exchange in First Such Case
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Statement Of CFTC Commissioner Kristin N. Johnson Regarding The Final Rule To Modify Interest Rate Swap Clearing Requirements For The Transition From LIBOR And Other IBORs To Alternative Reference Rates

<p><span>In the fall of 2008, global financial markets reeled as evidence emerged indicating that market participants failed to effectively manage risks in the then-unregulated $400 trillion (notional) swaps market.&nbsp; The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Commodity Futures Trading Commission (Commission) to develop and implement formal rules, and bring the swaps market under the ambit of the Commission&rsquo;s authority.</span><span>&nbsp; The Commission introduced clearing requirements, a vital regulatory tool that has increased transparency and promoted market integrity.</span></p> ....

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