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Did The CFTC Do The Right Thing With EC Swaps Deal?

Is the CFTC’s recent deal with the European Commission on swaps regulation a bad deal? Recent press coverage maintained that outgoing CFTC Chairman Gary Gensler caved to the wishes of Europeans and big swap dealer banks. It’s not that bad. The CFTC got swaps with U.S. counterparties and hedge funds covered, and the European exemptive order will expire in December.