Bloomberg Businessweek ICYMI: CFTC's Caroline Pham on Market Volatility
Apr 25, 2025
Caroline Pham, the Acting Chair of the Commodity Futures Trading Commission, dives deep into the current state of commodities and derivatives markets amidst volatility. She discusses the effectiveness of margin reforms and the prospect of continuous 24/7 trading. Pham also highlights the importance of regulatory collaboration between the CFTC and SEC for clearer cryptocurrency frameworks. Additionally, she addresses the challenges of maintaining market integrity in an evolving digital asset landscape, including the scrutiny of new cryptocurrencies.
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Markets Stayed Resilient Amid Volatility
- Recent market volatility showed markets operated functional and liquid throughout sharp spikes and record volume. - Adequate margin levels and prior regulatory reforms ensured no significant operational issues arose during stressed conditions.
U.S. Dollar Remains Reliable Safe Haven
- The U.S. dollar and treasuries remain safe haven assets despite perceived recent dips. - The long-standing role of U.S. markets as global reserve currency endures beyond short-term fluctuations.
Caution Advised for 24-7 Trading
- Allow 24-7 trading only when assets have sufficient liquidity to support it, like FX or crypto. - Collect public comments to carefully manage operational risks before expanding continuous trading hours.