Christian Johnson, Professor of Law at the University of Utah S.J. Quinney College of Law, spoke to the Chicago office of the Commodity Futures Trading Commission (the “CFTC”) on June 18. The CFTC has primary responsibility for regulation of the derivatives markets, one of Johnson’s primary research interests. Johnson focused on the progress of the mandatory clearing and exchange trading rules imposed by Dodd-Frank and the CFTC on the over-the-counter derivatives market. In particular, he noted that the industry has recently made surprising progress in clearing interest rate swaps. In spite of the progress, however, Johnson said that the fundamental differences between OTC and exchange derivatives will make future regulatory progress more difficult than Congress had originally foreseen. The next day, Johnson attended an invitation-only “closed” conference on Legal Finance Theory sponsored by the Federal Reserve Bank of Chicago.