WASHINGTON (Reuters) - Political debate over how to reform post-crisis rules has created a “false choice” that is obscuring other big emerging challenges to the financial markets such as digitization and cyber risk, the chair of the top U.S. derivatives regulator warned on Tuesday.
“There seems to be this narrative that there’s only two choices about where we are today in markets – it’s either we keep everything the way it is, or we roll back ... it’s a binary set of options,” Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, told a Reuters Summit in Washington D.C.
He added regulators and policymakers should focus on calibrating the Dodd Frank Act to ensure it is fit for purpose.
Policymakers also needed to focus on other emerging issues not covered by Dodd Frank, including the digitization of markets and cyber risk, he said.
Reporting by Pete Schroeder; Editing by Susan Thomas