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Timothy Massad to resign as CFTC chairman

Timothy Massad
Timothy Massad

Timothy Massad on Tuesday announced he will resign as chairman of the Commodity Futures Trading Commission on Jan. 20, according to a news release from the CFTC.

Mr. Massad submitted his resignation to President Barack Obama, who nominated Mr. Massad as CFTC chairman on June 5, 2014, replacing Mark Wetjen.

During Mr. Massad’s tenure, the CFTC adopted margin requirements for uncleared swap transactions, supported enhanced risk surveillance and created new supervisory stress testing. The agency also reduced record-keeping and reporting requirements and finalized rules to bolster protections against cyberattacks and other types of operational risk. It also proposed rules to guard against the risk of disruption caused by automated trading.

Mr. Massad follows Securities and Exchange Commission Chairwoman Mary Jo White in announcing her resignation prior to the inauguration of President-elect Donald Trump.

Mr. Trump will be responsible for nominating Mr. Massad’s replacement.