Mark Wetjen has announced he will step down from his role at US derivatives regulator the Commodity Futures Trading Commission (CFTC) at the end of the month.
Wetjen joined the CFTC in October 2011 after being approved by the US Senate and has served as acting chairman of the commission from January to June 2014 after former chairman Gary Gensler departed.
Wetjen has been among the staunchest critics of many aspects of the implementation of the Dodd-Frank Act and has sought to improve the CFTC’s cooperation with other regulators around the world.
In a statement released at the end of last week, Wetjen said: “Today, I informed President Obama of my intention to resign as a CFTC Commissioner later this month. It has been an honor to serve as both Commissioner and Acting Chairman of the CFTC. I am grateful for the opportunity to have served alongside my fellow Commissioners and Chairmen Gensler and Massad, and I thank them for their dedication, professionalism, and collegiality.”
Walt Lukken, president and CEO of derivatives industry association the FIA, commented: “During his tenure, the industry transformed—increasing central clearing, improving transparency, and strengthening customer protections.
“Mark was instrumental to this process, both as a Commissioner and as the Acting Chairman of the Commission. His thoughtful, pragmatic approach and his focus on harmonising international regulations have been especially valuable to our industry, and we wish him the best of luck in his future endeavors.”
Wetjen will step down on 28 August and has not confirmed his future plans.