FTC chairman J. Christopher Giancarlo released a new paradigm for measuring the size of the global swaps markets. Speaking at DerivCon 2018 in New York, he said the sheer size of the swaps markets prevents clarity and "more often confuses the issue and hinders dispassionate consideration and sound policy setting." The new paradigm for a more accurate measurement of the swaps market specifically focuses on its risk transfer function and proposes the use of Entity-Netted Notional Amounts (ENNs), rather than notional amount, which the CFTC claims is not a good measure of the magnitude of risk transfer through the global interest rate swap market.
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