Timothy Massad, Chairman of the Commodity Futures Trading Commission, heralded the CFTC’s upgrading of the registration status of 18 swap execution facilities from temporary to permanent and the finalizing of its margin rules for uncleared swaps as two of the agency’s most important recent actions. (Click here to see a related article in this edition of Bridging the Week on SEFs’ registration.) He made this observation last week before the American Bar Association’s Derivatives and Futures Law Committee’s 2016 Winter Meeting. He noted that the CFTC’s margin rules are “practically the same” as similar rules adopted by other prudential regulators and “very similar” to international standards and rules he expected regulators in Europe and Japan soon to adopt. Mr. Massad indicated that, in 2016, priorities of the CFTC include finalizing rules on algorithmic trading, as well as cybersecurity for exchanges, clearing houses and swap data repositories, and improving swap data reporting. Mr. Massad did not expressly state that finalizing proposed rules on position limits was a priority for 2016. Instead, towards the end of his prepared speech, he simply referenced that “[t]here is a significant amount of work going on in other areas, including position limits, enforcement and a host of other activities.”