Werewolves Of Change: Remarks Before The ISDA Derivatives Trading Forum On Regulatory Change, SEC Commissioner Hester M. Peirce, April 28, 2021 Date 28/04/2021 Thank you, Scott [O’Malia], for that kind introduction and for inviting me to be part of today’s Derivatives Trading Forum. I will begin with my standard disclaimer that the views that I represent are my own and not necessarily those of the Securities and Exchange Commission or my fellow Commissioners. Indeed, that disclaimer is particularly important at a time of leadership transition. We just last week welcomed a new chairman—Gary Gensler. Although he is still getting settled in, the Commission will soon be busy addressing the issues that he identifies as priorities for the coming months and years. Chairman Gensler is, of course, something of a known quantity for many of you in this audience. Those of you who have been in the industry for a while had the opportunity to see him hard at work during his tenure as chairman of our sister agency, the Commodity Futures Trading Commission. Indeed, Scott [O’Malia], as a Commissioner of the CFTC, worked alongside Chairman Gensler during that time. Those of you who have come to the industry more recently are doing business under a regulatory framework for swaps that is, in large part, the product of Chairman Gensler’s vision. I anticipate that he will apply the same work ethic and outlook to his new role as Chairman of the SEC, informed, of course, by the experience that we have had with that regulatory framework in the intervening years.