Thursday, October 09, 2014

CFTC’s Global Markets Panel to Discuss Bitcoin and Swaps Clearing

[This story previously appeared in Securities Regulation Daily.]

By Mark S. Nelson, J.D.

The CFTC’s Global Markets Advisory Committee (GMAC) will meet today to discuss bitcoin and the clearing of non-deliverable forwards (NDF) swaps contracts. The GMAC, sponsored by Commissioner Mark P. Wetjen, is expected to hear opening remarks from Chairman Tim Massad and Commissioners Sharon Bowen and Chris Giancarlo. The GMAC meeting is set to run from 1:30 to 5:00 p.m.

On the bitcoin front, CFTC officials and industry representatives will explain what bitcoin is and how bitcoin derivatives may be used. The panelists also will discuss the CFTC’s self-certification process as it relates to bitcoin. Another panel will talk about whether the CFTC should mandate clearing of NDF swaps contracts.

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