Let’s know about Christopher Giarncarlo - the prime choice of Trump for US derivatives regulatory body

J. Christopher Giancarlo, a member of the Commodity Futures Trading Commission with close ties to the derivatives industry, is President-elect Donald Trump’s top choice to head the U.S.’s main swaps regulator, a person familiar with the matter reported.

Giancarlo, currently the CFTC’s only Republican, has been in the mix to lead the agency for weeks but his front-runner status has recently solidified. He is also expected to be named interim chairman in the coming days.

Trump said on Wednesday that he will nominate Wall Street lawyer Jay Clayton to lead the Securities and Exchange Commission, the industry’s main regulator, stoking speculation that a CFTC announcement could come soon. Giancarlo has been vetted by Trump’s team and has spoken with people involved in the transition, said another person with knowledge of the matter.

Trump’s CFTC chairman is expected to play a pivotal role in rolling back some rules dictated by the Dodd-Frank Act, which called for broad government oversight of swaps after unregulated trades helped fuel the 2008 financial crisis. Giancarlo has argued that in some areas the CFTC went further than lawmakers intended. Trump’s transition team has promised to dismantle Dodd-Frank.