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...

Over-the-Counter Reform May Harm Asian Markets

Even though Asia has some of the world’s quickest growing economies, their over-the-counter derivative markets may struggle with the upcoming U.S. regulatory deadline. The regulatory overhaul comes about in response to the 2008 market meltdown. One of the major targets of the financial reforms that are to...

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...

Derivatives Exchanges in Turkey to Launch Bourse Istanbul in April

The Istanbul Stock Exchange is working with local gold and derivatives exchanges in April as part of a plan to make the Turkish capital a regional financial centre. Reuters reports that the merger is due to take effect in june, creating a combined entity called Bourse Istanbul. Deputy chairman of 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...

OTC Derivatives to be Regulated in South Africa

According to Business Day, the South African authorities have made progress in developing and creating a system of regulation for over-the-counter (OTC) derivatives. In a report that promotes financial stability globally, obtained by Business Day, many of the details of the reforms are yet to be...

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,...

Payments Risk Committee Advises CCP’s on Risk Management

The Payments Risk Committee, a group of banks overseen by The Federal Reserve Bank of New York, made a series of recommendations meant to create better risk management practices at central counterparties (CCPs). According to a press release from the Payments Risk Committee, the group believes that accurate...

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...

Barnier Issues Letter to EU Lawmakers Concerning Swaps Rules

The European Union’s financial services chief, Michel Barnier, issued a letter asking EU Lawmakers to drop a threat that would block derivatives rules, stating the plan has the potential to harm the EU credibility. According to Barnier’s letter, obtained by Bloomberg News, delaying over-the counter...