Chilton Announces Surprise Departure from CFTC
Chilton made the announcement after a rule regarding speculative position limits was passed by the CFTC, an issue that he regarded as being his primary concern during his time at the agency.
"For two reasons, this is a significant day for me," said Chilton, in a speech during a CFTC Dodd-Frank Act meeting yesterday. "I am reminded of that great Etta James song, At Last. The first reason is that, at last, we are considering what I believe to be the signal rule of my tenure here at the Commission; I've been working on speculative position limits since 2008. The second reason today is noteworthy is that this will be my last Dodd-Frank meeting. Early this morning, I sent a letter to the President expressing my intent to leave the agency in the near future. I've waited until now─today─to get this proposed rule out the door, and now─at last─with the process coming nearly full circle, I can leave. It's with incredible excitement and enthusiasm that I look forward to being able to move on to other endeavors."
Office Guitars
Chilton established a reputation as being one of the more colorful characters in financial regulation during his tenure at the CFTC. Often mixing modern rock references with playful metaphors about 'cheetahs', in reference to high-frequency traders, he quickly became one of the fiercest critics of the industry, and one of the strongest proponents of stricter regulation to protect consumers.
Appointed by President Barack Obama in 2007, and confirmed by a Senate majority, Chilton entered the CFTC during one of its more transitive and difficult periods during the height of the financial crisis. As a Democrat on the five-person body of commissioners responsible for voting through measures, he frequently voted for more stringent oversight, as well as in support of more radical measures such as the establishment of swap execution facilities (SEFs), after years of debate.
His sometimes-startling rhetoric was well known for its casual and humorous tone, backed up by anecdotes often heard around the industry such as the guitar he kept in his office, a penchant for cowboy boots, and his untraditional shoulder-length blonde hair.
Attrition Effect
Attending Purdue University and reading political science in 1979, Chilton dropped out before completion to staff political campaigns for the Democratic Party. From 1985-1995, he worked in the US House of Representatives, and eventually found his way to the US Department of Agriculture. He served in senior roles there, including deputy chief of staff to US Secretary of Agriculture, Dan Glickman, before serving from 2001-2005 as a senior advisor to Senator Tom Daschle. From 2005 until his confirmation as a CFTC commissioner, he worked at the Farm Credit Administration, and then as chief of staff and vice president of governmental relations at the National Farmers Union.
Chilton's departure, along with the end of term for chair Gary Gensler, and the earlier resignation of Jill Sommers, leaves just two serving commissioners at the CFTC─independent Mark Wetjen, and Republican Scott O'Malia, who has been mentioned in the press as a possible contender for the top spot at the agency.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Waters Wrap: Quants, CDOs, and the blending of job titles
Anthony explains how a quant at a massive bank taking on the CDO title hints at larger industry changes.
Caveat creator: GenAI giants’ pledges won’t pre-empt copyright suits
Tech vendors offer indemnities on generative output, but end-users need to check the fine print, warn IP lawyers
Capital markets firms wary of cloud overspend
Data architects highlight cost concerns as more and more institutions look to use the cloud for data storage and management.
This Week: ION/LuxSE, BNY Mellon, Nasdaq, and more
A summary of the latest financial technology news.
Nasdaq to market new options strike listing tech to other exchanges
The exchange operator is experimenting with emerging technologies to determine which options strike prices belong in a crowded market, with hopes to sell the tech to its peers.
Former Goldman analyst aims to blend GenAI and synthetic data with start-up
Synthera.ai is taking a novel approach to calculating risk. While promising, industry observers are skeptical.
Waters Wavelength Podcast: Bloomberg’s Tony McManus
Tony McManus, global head of enterprise data division at Bloomberg, joins the podcast to talk about the importance of data in the context of AI and GenAI.
Devil’s Bargain: Closed architecture systems will derail AI ambitions
Rob Flatley explains why closed-off systems will fall flat when it comes to AI adoption.
Most read
- IMD & IRD Awards 2024: All the winners
- Waters Wavelength Podcast: Bloomberg’s Tony McManus
- Most innovative market data project—Tradeweb