House Financial Services Committee Approves Bills to Weaken Dodd-Frank

On Tuesday, the House Financial Services Committee voted to approve bills to ease Dodd-Frank Act derivatives requirements. Amidst criticism from Wall Street and overseas officials of the overreaching power of regulators, the Committee passed six bills that will limit the reforms of derivatives, adding more...

Mandatory Swaps Clearing, Says CFTC

The CFTC announced today that swap dealers, major swap participants, and private funds active in the swaps market, are required to begin clearing certain index credit default swaps (CDS) and interest rate swaps that they entered into on, or after March 11, 2013. In a press release, the CFTC stated that the...

FSA Allows CME to Clear Interest Rate Swaps in London

The FSA will allow the CME to clear interest rate swaps, the world’s largest asset class traded by notional value OTC, reports Financial Times. Financial Services Authority The clearance, given by the FSA, will create competition for LCH.Clearnet, a clearing house in the process of being bought by the...

TAIFEX Partners with Eurex to Expand Taiwanese Derivatives Market

TAIFEX, a Taiwan futures exchange, has entered into a deal with Germany’s Eurex Exchange, offering Europe-based traders the ability to clear Taiwanese derivatives products. The partnership between Deutsche Börse-owned Eurex, one of the largest derivatives market, and TAIFEX through a letter of intent,...

OTC Derivatives Framework Released by Chinese Regulators

In a message from The Securities Association of China, (SAC), Chinese regulators released the first management method for the newly launched national OTC equity transfer system for non-listed small and medium-sized enterprises. China Daily reports that the China Securities Regulatory Commission...

Group Issues Report to Harmonize U.S. and E.U. Swaps Clearing

The Committee on Capital Markets Regulation (CCMR) issued a letter to derivatives regulators for the European Securities and Markets Authority (ESMA), the European Commission, and the Commodity Futures Trading Commission (CFTC), cited the need for a resolution of differences between E.U. and U.S....

Basel III May Change the Way Banks Calculate Risk

The Basel Committee on Banking Supervision (Basel III) has discovered “material variation” in the methods banks have for calculating risk. As a result, regulators may begin to impose new standards of risk calculation across banks. “The preliminary work suggests we may not have the balance...

The National Futures Association (NFA) Introduces New Board Members

The National Futures Association (NFA), the self-regulating body of the futures industry, has announced new board members resulting from “contested” elections. The list of members of the NFA Board of Directors is as follows:   IB Representative: Jeffrey D. Malec Chief Executive Officer...

SEC’s Walter Sets Loose Agenda for 2013: Cross-Border Swaps are No. 1

New U.S. Securities and Exchange Commission head Elisse Walter set the stage for the commission’s upcoming regulatory year on Friday. Walters placed capital raising, market structure, and issues of extraterritoriality regarding cross-border swaps regulation at the top of the agenda. SEC on Cross-Border...

Will High-Frequency Trading (HFT) Get the German Treatment in the U.S.?

German regulators have increased the pressure on high-frequency traders, prompting concerns from the market that the country risks damaging its financial sector. Chancellor Angela Merkel has ordered her government to rein in HFT prior to the establishment of a broader European regulatory regime. As is the...
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