Gold Drops to $1,200/oz for First Time Since June in New York
Obama Nominates GFI Group’s Giancarlo to Serve on CFTC
J. Christopher Giancarlo, executive vice president at interdealer broker GFI Group Inc. (GFIG), was nominated by President Barack Obama to serve on the Commodity Futures Trading Commission, according to the White House.
Giancarlo would fill the Republican commissioner post vacated by Jill E. Sommers, who stepped down last month from the five-member agency that regulates the derivatives market. The Washington-based commission is implementing Dodd-Frank Act regulations that seek to reduce risk in the swaps market that helped fuel the 2008 credit crisis.
Giancarlo, whose nomination faces Senate confirmation, has been an active participant in debates over the new rules. He stepped down earlier this year as chairman of the Wholesale Market Brokers’ Association Americas, which includes GFI Group and four other interdealer brokers, that lobbied for flexible rules on how swaps are traded using new execution facilities.
Giancarlo also has testified before Congress, met with CFTC officials and appeared at industry conferences focusing on how the swaps regulations were being implemented.
If confirmed, Giancarlo would serve the remainder of Sommers’s term, which expires April 13, 2014, according to a White House statement yesterday announcing his nomination.
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