Reuters: Regulatory News: U.S. swaps watchdog names Libor enforcer as oversight chief

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U.S. swaps watchdog names Libor enforcer as oversight chief Sep 16th 2013, 23:01 By Douwe Miedema WASHINGTON, Sept 16 | Mon Sep 16, 2013 7:01pm EDT WASHINGTON, Sept 16 (Reuters) - The U.S. swaps regulator on Monday named a veteran of its enforcement unit to head its markets oversight unit, as the agency deals with a raft of high-profile commodities markets probes. Vincent McGonagle, who has worked at the Commodity Futures Trading Commission's enforcement division for nearly 16 years, played a leading role in the probe into the widely used London interbank offered rate (Libor) benchmark scandal, the CFTC said. He will take over as head of the Division of Market Oversight on Oct. 7. The division can start market probes and request information from market participants, but lacks the power to subpoena companies or individuals. McGonagle supervised the CFTC's cases against UBS AG , Royal Bank of Scotland Group Plc and Barclays Plc, which paid hefty fines for manipulating Libor. The CFTC, whose powers were vastly expanded in the 2010 Dodd-Frank law to include oversight of swaps, has recently been involved in several prominent market probes. Led by ex-Goldman Sachs banker Gary Gensler, the agency has subpoenaed a number of major metals warehousing firms, including Switzerland's Glencore, following complaints about inflated metals prices. The CFTC is also probing ISDAfix, a commonly used derivatives benchmark, and is in talks to join Europe in its investigation of oil markets, hunting for signs that trading benchmarks have been compromised. Link this Share this Digg this Email Reprints

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