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Editor's Note
It's been a significant couple of weeks on the financial reform front. Last Wednesday, the CFTC and SEC adopted swaps dealers definitions and on Friday the Federal Reserve released its timeline for implementing the Volcker Rule.
The response from US market participants was relatively quiet, while the European Commission sent a warning to Washington that new derivatives rules could confuse EU banks. It's also been reported that US regulators are currently exploring ways to give large foreign banks and overseas subsidiaries a reprieve from derivatives rules.
Could Europe be the next vocal lobby to train its sights on Dodd-Frank? It's certainly a trend that bears monitoring. For more of the stories and insights shaping the ongoing derivatives discussion, stay tuned to DerivAlert.
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Reform Could Realign Competitive Advantage
Apr.
23, 2012 (Securities Technology Monitor) -- Adam Gilbert, the head of regulatory affairs at J.P. Morgan Chase, said Monday morning that implementing the Volcker Rule and other provisions of the Dodd-Frank Wall Street Reform Act could confer 'competitive advantage' on some international banking firms. MORE
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OTC Clearing II: Who Should Decide What Has to be Cleared?
Apr. 23, 2012 (Futures and Options World) -- From the moment the mandate was passed down, the debate over who should decide what can and can't be cleared raged. On the one hand, regulators are keen to ensure that the market does not obfuscate contracts in order to exempt them from central clearing, however there are concerns over how a regulator can force a clearing house to clear a product without assuming some responsibility for the viability of that clearing house. MORE
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EU's Barnier Voices Concern on U.S. Derivatives Rules
Apr. 23, 2012 (Reuters) -- The European Commission has urged regulators in Washington to delay elements of new derivatives regulation, fearing that confusion surrounding some of the rules will harm EU banks operating in the United States.
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Awash in Money and Piles of Debt
Apr.
23, 2012 (Reuters) -- The amount of money thrown at rescuing the world economy since the Great Recession began is truly staggering, probably more than $14 trillion, and the financial spigots are still open.
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US Regulators Look to Ease Swaps Rules
Apr.
22, 2012 (Financial Times) -- US regulators are exploring ways to give large foreign banks and overseas subsidiaries of US lenders a reprieve from stringent new derivatives rules, potentially alleviating one of the biggest concerns facing global financial institutions.
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Posted on Fri, April 20, 2012 @ 2:10 PM
Federal Reserve Releases Timeline for Implementing Volcker Rule
The Federal Reserve released their timeline yesterday for implementing of the Volcker Rule, a contentious piece of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which grants banks two years to fully comply with the Volcker Rule, a rule regulators have yet to finalize. MORE >>
Posted on Thurs, April 19, 2012 @ 10:20 AM
SEC and CFTC Adopt Swaps Dealers Definitions
The CFTC voted 4-1 yesterday to adopt a regulation defining swap dealers as firms conducing swaps of derivatives with a notional value of $8 billion a year. The threshold will then fall to $3 billion after five years. Additionally, the CFTC voted 5-0 in favor of a separate rule that treats commodity options like all other swaps.
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We have compiled a directory of thought leaders playing important roles in the OTC derivatives regulation debate. The list includes US and EU regulators and legislators who have submitted
bills or influenced their direction, academics who have published articles about the industry and analysts who have commented in the press or written reports about OTC derivative regulatory reform. We
believe that these industry leaders are many of the people to watch for input and opinion on the market.
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ISDA 27th Annual General Meeting
April 30-May 2, 2012, Chicago
What's Next? The Practical Mechanics of Navigating the Changing OTC Derivative Landscape
May 22, 2012, New York
Much like the regulatory framework, DerivAlert will continue to evolve in 2012. We're interested in learning which topics you are most interested in, please send content suggestions to: info@derivalert.org.
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