CFTC Director Of Division Of Market Oversight To Leave

The director at the Division of Market Oversight (DMO), US Commodity Futures Trading Commission (CFTC), Amir Zaidi is reportedly leaving the agency, as per ‘sources familiar with the matter’.News portal, Yahoo Finance, quoted another news portal, Bloomberg as saying, Amir Zaidi, who leads policymaking on bitcoin futures trading, is leaving “within coming weeks.” The news portals reported that Vincent McGonagle, who currently serves as deputy director of the Division of Enforcement, will serve as the interim director, until a new one is appointed.While Zaidi has been with the CFTC since 2010, he was appointed as the director of the DMO in 2017, to lead the “critical division.”In May, the United States regulatory body, Commodity Futures Trading Commission (CFTC) Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) issued a joint advisory that directed exchanges and clearinghouses registered with the CFTC, guidelines for listing virtual currency derivatives, as earlier reported by us.At the time, Zaidi had said, “The CFTC staff is committed to providing regulatory clarity as much as possible. As the virtual currency market continues to evolve, CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations.”Seconding this, DCR Director Brian Bussey stated, “CFTC staff is providing this information, in part, to aid market participants in their efforts to design risk management programs that address the new risks imposed by virtual currency products. In addition, the guidance is designed to help ensure that market participants follow appropriate governance processes with respect to the launch of these products.”The advisory or guidelines lists down tips to keep in mind on enhancements when listing a virtual currency derivative such as bitcoin futures and enunciates “the CFTC staffs’ priorities and expectations in its review of new virtual currency derivatives to be listed on a designated contract market or swap execution facility, or to be cleared by a derivatives clearing organization.”Liked what you read? Join us on Telegram