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...

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....

The Future of Derivatives Data: DTCC, CME and SDR’s

The future of derivatives data hangs in the balance as U.S. regulators deal with proposed Rule 1001, which would allow CME Group to report swaps data from its clients who have their swaps cleared with DTCC. The looming case between DTCC and CME had so far resorted to arguments about transparency. Now, DTCC...

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...

Libor and Euribor Update: Deadline Looms as Banks Cut Bonuses

The Libor and Euribor indexes are under intense scrutiny as regulators wind down the comment period and prepare to issue new rules that may overhaul the industry in the wake of the rate-rigging scandals. Libor and Euribor Comment Period Nearing End The international task force formed by the International...

NFA Seeks More Time from CFTC on Regulation of…NFA

Today the NFA wrote a letter to the CFTC requesting more time to comment on pending regulation. This time, though, the regulation directly affects NFA. Specifically, the NFA wants to extend the deadline of the rulemaking period to February 13, 2103, a month beyond its previous date. But what is the nature of...

SEC Enforcement Update: With Khuzami Out, Who’s on Deck?

The Security and Exchange Commission’s (SEC) director of enforcement position is now vacant: Robert Khuzami, who held the job from 2004-2009, left the agency last Thursday. Now speculation about who might replace Khuzami is growing. Since assuming the chairmanship of the SEC, Elisse Walter has already...

China Opens Up on Futures: How Will U.S. Regulators React?

The Shanghai Futures Exchange (SHFE) is finalizing a five year development plan (2013 – 2017) that will open up a variety of derivatives contracts and options to foreign access. The SHFE will simultaneously develop crude oil, index, and metals futures, alongside financial derivatives. “The exchange...

SEC Joins NFA, CFTC in Enhancing Market Monitoring Tech

The Securities Exchange Commission (SEC) will join its fellow U.S. regulators in enhancing its market monitoring techniques. Beginning this month, the SEC will stream real-time trade data into its headquarters. SEC’s New Tech The SEC’s new technology will reportedly cost $2.5 million in the first year....
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