CFTC Chief of Staff Michael Gill and the leadership of the agency's operating divisions detailed progress on the CFTC Project KISS ("Keep It Simple, Stupid") initiative (see previous coverage of Mr. Gill's remarks). Mr. Gill's remarks were delivered at a forum in Washington, D.C. hosted by John Sodergreen, publisher of The Risk Desk.
In a Risk Desk article, Mr. Sodergreen shared further remarks by Mr. Gill and the other division heads on priorities and future areas of focus for Project KISS. Division of Swap Dealer and Intermediary Oversight Director Matt Kulkin said that his division anticipates a significant amount of work in codifying and organizing no-action letters. Amir Zaidi, director of the Division of Market Oversight, pointed to error trade policies for designated contract markets and other issues in the swap execution facility space as areas of focus for his division, as well as swap data reporting. Brian Bussey, director of the Division of Clearing and Risk, suggested that his division will be examining bankruptcy rules, with a focus on tailoring them to nonsystemically significant designated clearing organizations.
According to Mr. Gill, the CFTC received 149 comments from the public and 51 staff proposals on Project KISS.
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