CFTC Talks

CFTC staff from the Office of Chief Economist discuss the effect that capital rules have had on the competitive landscape of derivatives clearing. Staff studied the multiple effects of capital rules across different asset classes and different clearing member groups. The evidence suggests that the leverage ratio requirement has pushed derivative clearing activities to less constrained institutions and market segments. Search terms: CFTC, Office of the Chief Economist, Derivatives Clearing, Margin, Leverage Ratio, US Treasury Futures and Options, S&P 500 Futures and Options, Capital Rules

This episode discusses “opportunistic strategies,” or more commonly known as “manufactured credit events in the credit derivatives markets”. CFTC Chairman J. Christopher Giancarlo, CFTC Division Directors and senior analysts discuss the impact of these events in the credit derivatives markets.

This podcast discusses various aspects of the crude oil derivative market. It includes a summary of topics discussed at the April 2019 Energy and Environmental Markets Advisory Committee meeting and brings together all derivatives across futures markets and swaps. This episode also views the overall size of the WTI Crude Oil Derivatives market and the various commercial and noncommercial participants and their engagement in this important marketplace.

#CFTCTalks we bring on Daniel Gorfine, CFTC’s Chief Innovation Officer.  We do a 2018 look back and a 2019 look forward on fintech and regtech.  Lessons learned, ideas generated and areas to gather knowledge all covered and discussed.  Last one for 2018!

This week on CFTC Talks, we talk with University of Georgetown’s Faculty Director of the Institute of International Law Chris Brummer. Chris joins us to discuss the DC Fintech Week held at Georgetown and what he learned from the conference.

This week on CFTC Talks, we speak with World Bank’s Sharmista Appaya, a Senior Financial Sector Expert – in the Finance, Competitiveness and Innovation (FCI) Global Practice at the World Bank Group and focuses on Bank’s engagement on fintech issues as they relate to, and can have an effect on, financial inclusion and financial sector development. Most recently, she was the Head of the Fintech Accelerator at the Bank of England in London looking at innovative firms and technologies to understand both the applications of and implications on Central Banking practices. “Find a problem first, then look for a fintech solution.”

This week on CFTC Talks, we speak with TLDR’s Andre McGregor. Mr. McGregor is a former FBI cyber security special agent and is head of security for TLDR, a global advisory firm specializing in the token economy. We discuss cyber security and safeguarding assets in a digital world. How many characters does Andre have in his passwords? Hint>25.

This week on CFTC Talks, we speak with CFTC Director of Enforcement Jamie McDonald on the record number of cases his division brought against traders who utilize spoofing to manipulate market prices. Why joint prosecution has been one driver: “There’s no deterrent effect like the prospect of criminal prosecution in the appropriate case.” (36:06)

This week on CFTC Talks, we speak with John Castiglione from the New York State Office of the Attorney General (OAG) Investor Protection Bureau. We discuss the recent Virtual Markets Integrity Initiative report covering virtual currency trading platforms. This was a fact finding inquiry into the policies and procedures of virtual asset trading platforms

This week on CFTC Talks, we speak with b23.ai Co-Founder Dave Hirko. We cover the origins of Amazon Web Services, the progression of cloud and predictive analytics. We answer the question why is data engineering a zero-sum game for most organizations and what happened when b23 did analysis on the CDS (credit default swaps) market.

This week on CFTC Talks, we speak with CFTC Chairman Chris Giancarlo and review his white paper, “Cross-Border Swaps Regulation Version 2.0.” At the FIA Expo conference, the Chairman states, "If a satisfactory resolution cannot be found, the CFTC will have no choice but to consider a range of readily available steps to protect U.S. markets and market participants. Be assured that the CFTC has a range of options.”

This week on CFTC Talks, we have on special guest Dallas Federal Reserve President and CEO Rob Kaplan. We had a wide ranging discussion covering the US economy, FOMC monetary policy, oil and technology.

This week on CFTC Talks podcast, we review the state of the futures and options industry with FIA CEO Walt Lukken. We cover the markets, fintech and the upcoming FIA Expo in Chicago. We’ll hit big themes of shrinking FCMs, lack of investment in technology and cross border trading.

This week on CFTC Talks, we bring on Coincenter.org Director of Research Peter Van Valkenburgh. We discuss the key new innovation underneath bitcoin: the consensus mechanism. Curious how bitcoins are created and why there’s a limit? Listen and find out. This show was originally broadcast on 12/28/2017.

This week on CFTC Talks, we have on University of Chicago Prof. Will Cong for a two-part interview.  On part one, we discuss his (with several co-authors) recent papers on blockchain, cryptos and smart contracts: “Tokenomics:  Dynamic Adoption and Valuation” and “Blockchain Disruption and Smart Contracts.”  We discuss how blockchains and smart contracts may be used to collude.  In part two, we discuss his recent travels to 10 different global conferences on Blockchain/smart contracts/cryptos and what he learned each one.

On Wednesday, we’re doing a CFTC Talks FlashCast, a shorter podcast on a single subject. And we bring on CFTC Director Whistleblower Office Chris Ehrman to discuss recent awards of $45 million and how this contributes to trust in the financial markets.

This week on CFTC Talks, we have on University of Chicago Prof. Will Cong for a two-part interview. On part one, we discuss his (with several co-authors) recent papers on blockchain, cryptos and smart contracts: “Tokenomics: Dynamic Adoption and Valuation” and “Blockchain Disruption and Smart Contracts.” We discuss how blockchains and smart contracts may be used to collude. In part two, we discuss his recent travels to 10 different global conferences on Blockchain/smart contracts/cryptos and what he learned each one.

This week on CFTC Talks, we have on Natixis chief economist Joe LaVorgna. We discuss the latest US unemployment data and how this impacts monetary policy in the United States. How far will the FOMC raise rates in 2018 and 2019? What are the key factors to watch going forward? Is there a recession on the horizon?

On Wednesday, we’re doing a CFTC Talks FlashCast, a shorter podcast on a single subject.  And we bring on CFTC Market Intelligence Branch’s Chris Goodenow to discuss his research entitled, “Impact of U.S. Tight Oil on NYMEX WTI Futures.”  The MIB team conducted research on activity in the New York Mercantile Exchange (“NYMEX”) Light Sweet Crude Oil futures contract (“WTI”) to determine what effect, if any, the growth of tight oil1 in the United States had on usage of the contract. DMO staff analyzed trading volume and open interest across all listed expirations from January 3, 2003 to March 30, 2018. 

This week on CFTC Talks, we dive into the key interest rate market issue of Libor and SOFR with $200 trillion in contracts impacted.  Will SOFR replace Libor?  What are the key differences in the two rates?  Is there a date in the future the transition will happen?  All these questions answered and more!

This week on CFTC Talks, we return to the structural issues of the financial markets and have a discussion with Beacon Platform, Inc.’s COO Mark Higgins.  The evolution of fintech, algorithmic trading and artificial intelligence all covered.

This week on CFTC Talks, we talk with Counselor to the Secretary of the US Department of Treasury Craig Phillips about the Treasury’s latest research report on regulatory reform, “Nonbank financials, Fintech, and Innovation.”  We discuss technological advances in financial services, digitization of finance and the economy, and how there are significant opportunities to accelerate innovation in the United States.

This week on CFTC Talks, we talk with Charles Schwab Fixed Income Strategist Kathy Jones.  We cover the top three drivers for US interest rates:  Federal Reserve policy, inflation expectations and the global economy.

This week on CFTC Talks Flashcast, we bring on CFTC’s Dave Amato to discuss the Market Intelligence Branch’s research entitled, “Agriculture Block Trade Analysis.”  We discuss what block trades are, why they have been added to agricultural futures trading and what impact they are having on the markets. 

This week on CFTC Talks, we do our 1st FlashCast with Market Intelligence Branch’s John Coughlan.  ICYMI, FlashCasts are short, single subject podcasts.  On this one, we cover MIB’s research piece, “Sharp Price Movements in Commodity Futures Markets.”  The research covers 16 major contracts and looked at 2.2 billion transactions to understand events driving price movements.

This week on CFTC Talks, we speak with Nobel Prize winner Robert Shiller from Yale University.  We discuss his upcoming book based on his 2017 paper, “Narrative Economics” or the stories that drive market movements.  Great Depression, Great Recession and Bitcoin all discussed.

This week on CFTC Talks, we speak with Mark Yallop, chair of the Fixed Income, Currencies and Commodities Markets Standards Board. We cover the enormous cost to the world financial system of bad behavior, how to historically break down market misconduct into 7 categories and why trust is the heart of the financial markets.

This week on CFTC Talks, we speak with Mark Yallop, chair of the Fixed Income, Currencies and Commodities Markets Standards Board.  We cover the enormous cost to the world financial system of bad behavior, how to historically break down market misconduct into 7 categories and why trust is the heart of the financial markets.

This week on CFTC Talks, we speak with founder of Bianco Research, Jim Bianco. We cover a wide range of topics from why confidence surveys are wrong to the challenges the Federal Reserve has on how to manage raising interest rates and reducing their balance sheet.

This week on CFTC Talks, we speak with Benn Steil, senior fellow and director of international economics for the Council on Foreign Relations (CFR). We cover the risks to the global financial system, interest rates, emerging markets and his new book, "The Marshall Plan: Dawn of the Cold War".

This week on CFTC Talks, we speak with fintech innovation expert Jo Ann Barefoot from Barefoot Innovation and co-founder of Hummingbird Fintech. Ms. Barefoot has been a regulator, a Senate staffer, and industry consultant and a volunteer in the financial regulatory and consumer movement space. We discuss why she believes we’ve been doing it all wrong and what are the best practices for these areas: fintech, regtech and innovation.

This week on CFTC Talks, we speak International Monetary Fund Deputy Director of the Monetary and Capital Markets Department Fabio Natalucci.  We discuss the findings of the IMF’s latest Global Financial Stability Report and what are the biggest risks to the global financial markets.  Italy, China and global trade are some of the topics we dive into.

This week on CFTC Talks, we speak with CFTC Chairman Chris Giancarlo and CFTC Chief Economist Bruce Tuckman.  We review their white paper, “Swaps Regulation Version 2.0.”  At the ISDA annual meeting, the Chairman states, "This white paper is economy-focused.  And our role at the CFTC is to bring a market-focused approach. Our focus is what's in the best interest of the markets. Our mission is market integrity and market health."

This week on CFTC Talks, we speak with iCapital CEO Lawrence Calcano on the state of the alternative investment sector.  We cover how iCapital chooses the funds they invest in, the way they use fintech and what are interesting sectors for future investment.  This is part 2 of a 2 part series with Mr. Calcano.

This week on CFTC Talks, we speak with iCapital CEO Lawrence Calcano on the state of the alternative investment sector.  We cover how iCapital chooses the funds they invest in, the way they use fintech and what are interesting sectors for future investment.  This will be a two part series with part 1 released on Friday and part 2 released the week after.

This week on CFTC Talks, CFTC's Dan Gorfine and I bring on UK’s Financial Conduct Authority’s Nick Cook, head of RegTech and Advanced Analytics. We cover a wide range of fintech issues from blockchain to regulatory technology to AI.  Mr. Cook and FCA create hackathons with industry and government to solve challenging technology issues.  This will be a two part series with part 1 released on Thursday and part 2 released on Friday. 

This week on CFTC Talks, CFTC's Dan Gorfine and I bring on UK’s Financial Conduct Authority’s Nick Cook, head of RegTech and Advanced Analytics. We cover a wide range of fintech issues from blockchain to regulatory technology to AI.  Mr. Cook and FCA create hackathons with industry and government to solve challenging technology issues.  This will be a two part series with part 1 released on Thursday and part 2 released on Monday.

This week on CFTC Talks, we bring on Mike Englund, Chief Economist at Action Economics.  We discuss his outlook for GDP (+3.4% for next 2 quarters), capex, and when he thinks the next recession will begin.  Also, we dissect how corporate debt is going to be impacted by the higher US interest rates and the large amount of new US Treasury securities.

This week on CFTC Talks, CFTC's Dan Gorfine and I bring on Andreesen Horowitz' lead on fintech investments, Alex Rampell.  We cover a wide range of fintech issues from crypto currencies to blockchain (what it's not) and AI. 

This week on CFTC Talks, we discuss China and US Trade.  

This week on CFTC Talks, we bring on CFTC Director of Enforcement James McDonald.  We cover the DOE’s approach to precious metals, enforcement of the CEA and recent cases.

This week on CFTC Talks, we bring on an expert in the non-virtual currency world known as foreign exchange. Deutsche Bank’s George Saravelos Deutsche Bank is the Global Co-head FX Research in London.  We discuss the outlook for the US dollar against the major currency pairs.  We try to solve the conundrum of why the currency markets have been less volatile than the equity and bond markets.  And why the Federal Reserve and the US Treasury are critical for understanding investor outlook on the US dollar.

This week on CFTC Talks, we have University of Illinois Prof. Scott Irwin, an expert in speculation in the commodity markets. We talk about how trading and speculation have radically changed over the last 5 years and why Ag prices remain low. Also, we discuss his recent paper, “Trilogy for trouble shooting convergence: manipulation, structural imbalance and storage rates.”

This week on CFTC Talks, we bring on special guest USDA Secretary Sonny Perdue. We cover his background, his priorities and strategic goals for the USDA and Ag prices. Also, we discuss the rapid innovation occurring on farms and why more is coming fast. Secretary Perdue has been to 33 states recently and shares what he found out during his visits.

This week on CFTC Talks, we bring on PwC’s Julien Courbe, who leads their US Financial Services Advisory. He advises C-suite executives at major financial services institutions on how to address issues related to growth and performance improvement, digital transformation, financial crime and regulatory compliance, as well as technology and operations effectiveness. We talk fintech, blockchain and AI. What are the challenges and predictions for the future of digitized financial services?

This week on CFTC Talks, we bring on Kansas State University's Dr. John Floros to discuss the rapidly changing world of agriculture and AgTech.  How does KSU prepare the agriculture students of today for the technology driven farms of tomorrow?  Drones, sensors, driverless trackers and data science all discussed.

This week on CFTC Talks, we bring on Chamber of Digital Commerce’s President Perianne Boring and General Counsel Amy Davine Kim to discuss the mission of the Chamber, and where they see digital assets/blockchain-based technologies are heading.

This week on CFTC Talks, we bring on CFTC Commissioner Rostin Behnam to discuss his vision and priorities for the agency in 2018.  Market risk, systemic risk and financial stability are all on his agenda.

This week on CFTC Talks, we have on Northwestern Mutual Chief Investment Strategist Brent Schutte. We cover market volatility, stocks, bonds and investing during crazy market moves. Brent answers the big question: is there any economic slack left?

This week on CFTC Talks, we have on Natixis chief economist Joe LaVorgna. We cover what’s driving the market volatility and where interest rates are headed. Why Joe thinks the Fed’s Vice Chair will be critical for monetary policy.

This week on CFTC Talks, we dive into research on the $544 trillion interest rate swaps market. Is it really this big or is there a better metric for size and risk?  How to construct a new index and what will it tell us?  Can you extend the framework to other markets like FX and credit?