U.S. Markets

U.S. derivatives regulator to make major fintech announcement Weds: CFTC

WASHINGTON (Reuters) - The acting head of the U.S. derivatives regulator will make a major announcement about financial technology, commonly called fintech, on Wednesday at the New York Stock Exchange, according to an announcement posted on Monday.

J. Christopher Giancarlo, the acting chairman of the Commodity Futures Trading Commission, ordered a review in January of fintech and what the commission’s role should be in regulating the fast-developing sector. A Republican whom President Donald Trump has nominated to permanently lead the commission, Giancarlo has said the CFTC should modernize its own systems, while also keeping regulation simple.

Still, carrying out his goals may prove difficult in the short term. The only other person currently sitting on the commission, Sharon Bowen, is a Democrat.

Reporting by Lisa Lambert; Editing by Jonathan Oatis