J. Christopher Giancarlo

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J. Christopher Giancarlo
Chris Giancarlo.bmp
Occupation Chairman
Employer Commodity Futures Trading Commission
Location Washington, DC
Website www.cftc,gov

J. Christopher Giancarlo is chairman of the U.S. Commodity Futures Trading Commission (CFTC). The U.S. Senate confirmed him in that role on August 3, 2017. He had been acting chairman at the commission since January 20, 2017.

Giancarlo assumed the role of acting chairman after Timothy Massad stepped down from that role in January. [1] He was nominated as a comissioner by President Barack Obama in August 2013 and sworn in on June 16, 2014. He replaced Jill Sommers, who left in July 2013.[2][3][4]

On March 14, 2017 he was nominated by President Donald Trump to be the permanent CFTC chairman.[5] The Senate voted overwhelmingly for his confirmation as chairman in June of 2017.[6]

During his tenure as acting CFTC chairman, Giancarlo was on leave from his job as executive vice president of corporate development at GFI Group. [7]

Giancarlo served two terms as chairman of the Wholesale Markets Brokers' Association, Americas (WMBAA) and has spoken out frequently about allowing flexible rules for derivatives trading platforms such as swap execution facilities that are aimed at OTC market participants. [8]

Background

Giancarlo joined GFI in April 2001 following the acquisition of Fenics, where he structured strategic alliances with investment banks. Before joining Fenics in 2000, he worked at the law firm Brown Raysman Millstein Felder & Steiner, LLP as a corporate partner from 1997-2000.[9] He joined Brown Raysman from Giancarlo & Gleiberman, a law practice he founded in 1992 following his return from several years in London with the international law firm of Curtis, Mallet-Prevost, Colt & Mosle.

Giancarlo was also a founding co-editor-in-chief of eSecurities, Trading and Regulation on the Internet (Leader Publications). He has testified three times before Congress regarding the implementation of the Dodd-Frank Act.[10]

Giancarlo is a founding member of the Wholesale Markets Brokers' Association,[11] serving as chairman in 2010 and again in 2012.[12]

John Lothian News Interview

Chris Giancarlo of GFI Group Discusses the Need for Regulatory Balance
Chris Giancarlo, executive vice president, GFI Group worries that US regulation may not be balanced, and that it is mismatched with non-US markets. One area in particular that concerns him is on voice broking of OTC derivatives. Though the CFTC has pushed hard for more electronic execution of OTC trades in its Dodd-Frank Act rulemaking, Giancarlo says many of these types of transactions are illiquid and best done as voice negotiated transactions. In an interview with John Lothian News Editor-at-Large Doug Ashburn at 2012 SEFCON III, Giancarlo says the US needs “good regulation, but with the maximum amount of flexibility.”

MarketsReformWiki Featured Commentary

On October 12, 2011, Giancarlo testified before the House Committee on Agriculture on the subject of proposed changes to the Dodd-Frank Act regarding swap execution facilities.[13] His testimony was summarized into a commentary featured on MarketsReformWiki.

White Paper on Swaps Execution at MarketsReformWiki

www.marketsreformwiki.com/swaps white paper

Education

Giancarlo graduated from Skidmore college with a B.A. He went on to receive a law degree from Vanderbilt University.[14]

References

  1. CFTC Names J. Christopher Giancarlo Acting Chairman. Mondovisione.
  2. Obama Nominates Giancarlo for CFTC. Dow Jones.
  3. White House: Obama to nominate CFTC, FCC commissioners. CNBC.
  4. Obama Nominates GFI Group’s Giancarlo to Serve on CFTC. Bloomberg.
  5. Trump Picks a Regulator Who Could Help Reshape Dodd-Frank Act. The New York Times.
  6. Senate Agriculture Committee Votes Overwhelmingly to Confirm Giancarlo as Chairman for the CFTC Paving Way for Full Senate Consideration. CFTC.
  7. Senate Panel Approves Three Nominees To CFTC. WSJ.com.
  8. CFTC’s Giancarlo Calls U.S. Swap Rules ‘Fundamentally Flawed'. Bloomberg.
  9. J. Christopher Giancarlo Bio. Forbes.
  10. Commissioner J. Christopher Giancarlo. CFTC.gov.
  11. WMBAA Board Member J. Christopher Giancarlo and Vice Chairman Shawn Bernardo to Appear before Separate U.S. House Committees to Discuss Regulatory, Economic and Market Implications of Dodd-Frank Derivatives Title. BusinessWire.
  12. Wholesale Market Brokers’ Association Welcomes New Chairman Giancarlo. Wholesale Markets Brokers' Association.
  13. Hearing to review legislative proposals amending Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. House Committee on Agriculture.
  14. Christopher Giancarlo. LinkedIn.