The Commodity Futures Trading Commission hosted a public roundtable on July 15 to discuss the Commission’s process of making so-called “Made Available to Trade” determinations. This is the process by which swaps that are required to be mandatorily cleared are also made subject to a mandatory exchange-trading requirement. In a prepared speech delivered at the roundtable, Commissioner Mark Wetjen argued that the current process, which depends on the initiative of swap execution facilities or designated contract markets to promote mandatory trading, “could be improved by a more orderly Commission-initiated determination including a traditional comment period process.” Commissioner J. Christopher Giancarlo, although expressing sympathy for this position, instead argued that “[t]he analysis of the MAT rulemaking should not be focused on who makes the MAT determination … instead [t]he analysis should be focused on why SEFs should have to restrict their client service offerings in the first place in light of the broad liberties granted to them in the Dodd-Frank Act to serve their clients through ‘any means of interstate commerce’.” Mr. Giancarlo previously published a white paper that severely criticized the Commission’s swaps trading rules and proposed an alternative framework that he claimed more accurately reflected congressional intent. (Click here for details in the article “CFTC Commissioner Laments Flawed US Swaps Trading Model” in the February 1, 2015 edition of Bridging the Week.)