September 28, 2017
CFTC Chairman Giancarlo Appoints Brian A. Bussey as Director of the Division of Clearing and Risk
Acting Director John Lawton’s interim leadership lauded for his years of dedicated service
Washington, DC — U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo announced today the appointment of Brian A Bussey as the new Director of the agency’s Division of Division of Clearing and Risk (DCR). Bussey is currently the Associate Director for Derivatives Policy and Trading Practices in the Securities and Exchange Commission’s (SEC) Division of Trading and Markets. He will join the CFTC on October 16th. In addition, Chairman Giancarlo thanked John C. Lawton, who served as the Acting Director of DCR, for his years of dedication and service to the CFTC.
“Brian’s reputation for professional excellence is well known in the financial regulatory community,” said Chairman Giancarlo. “He will be a great addition to the Commission as we work to fulfill the CFTC’s regulatory mission in a manner that fosters broad-based economic growth and American prosperity.”
"Under Chairman Giancarlo's leadership, the CFTC is tackling the most pressing issues facing our derivatives markets with the aim of fostering open, transparent, competitive and financially sound markets, both domestically and internationally,” said Bussey. “I look forward to assisting in that effort in my capacity as the Director of the Division of Clearing and Risk.”
Bussey will lead the CFTC Division that oversees derivatives clearing organizations (DCOs) and other market participants in the clearing process. These include futures commission merchants, swap dealers, major swap participants, and large traders. DCR monitors the clearing of futures, options on futures, and swaps by DCOs, assesses DCO compliance with CFTC regulations, and conducts risk assessment and surveillance. DCR also makes recommendations on DCO applications and eligibility, rule submissions, and which types of swaps should be cleared.
Bussey, who has held various leadership positions at the SEC since 1998, including serving as the Associate Director for Trading Practices and Processing. Bussey was also Assistant Chief Counsel of that Division and served as Counsel to former SEC Chairmen William Donaldson and Harvey Pitt and former Acting Chairman Laura Unger. He began his career at the SEC as Senior Counsel in the Office of General Counsel and later as Special Counsel in the Office of Chief Counsel in the Division of Trading and Markets.
Prior to joining the SEC staff, Bussey was a corporate associate at Kirkland & Ellis in Chicago. Bussey began his legal career in 1995 as a law clerk to Judge E. Grady Jolly, U.S. Court of Appeals for the Fifth Circuit.
Bussey received his JD with high honors from the University of Chicago Law School, and was awarded Order of the Coif. He received his BA, cum laude, from Pomona College, where he was elected to Phi Beta Kappa.
John C. Lawton, who served as Acting Director for DCR since January this year will become Special Advisor to the DCR Division Director.
“I appreciate John’s willingness to lead this Division when I asked him earlier this year,” said Chairman Giancarlo. “We are ever grateful for the institutional knowledge John brings to the CFTC in the many years he has served.”
Lawton, a 36-year employee of the CFTC, was appointed Acting Director of DCR in January 2017. Prior this this, Lawton was a Deputy Director in DCR, with responsibility for the Risk Surveillance branch. He has held a variety of leadership positions including Chief Counsel of the Division of Clearing and Intermediary Oversight and Acting Director of the Division of Trading and Markets.
Last Updated: October 11, 2017