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Derivatives House and Credit Derivatives House: Citigroup

By Christopher Whittall, Helen Bartholomew
Published December 16, 2013 International Financing Review

The seemingly unending overhaul of banks’ derivatives businesses in response to a changing regulatory regime left the door wide open for those that were first-movers in post-crisis recovery. For defying its critics to finally surge into the top tier across regions and asset classes with a model built to embrace the new regime, Citigroup is IFR’s Derivatives House and Credit Derivatives  House of the Year.

Regulatory intervention took a heavy toll on derivatives businesses in 2013 as the Dodd-Frank Act took effect, pushing over-the-counter swaps into central clearing and towards electronic execution, while tighter capital and leverage rules further depressed margins.

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Citigroup Currency Staff Work Into Night in London on Dodd-Frank

By Julia Verlaine
Published October 26, 2013 Bloomberg

For the foreign-exchange sales team in Citigroup Inc. (C)’s London office, Dodd-Frank regulations mean extra hours at work.

At least two members of staff have been staying until after 9 p.m. because some clients are no longer allowed to deal with Citigroup colleagues in New York, Alex Jackson, head of European investor sales, foreign exchange and local markets, said in a phone interview on Oct. 25.

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Citigroup Said to Hire BNP’s Gregorio in Credit-Default Swaps

By Mary Childs
Published August 15, 2013 Bloomberg

Citigroup Inc. (C) has hired Glen Gregorio, a derivatives trader at BNP Paribas SA for the past three years, according to a person with knowledge of the matter.

Gregorio will join Citigroup’s credit-default swaps group in New York, said the person, who asked not to be identified because the move hasn’t been announced. He departed BNP as of July 31, spokeswoman Cesaltine Gregorio said in a telephone interview.

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Banks to Cash In as U.S. Derivatives Reforms Go Live

By Douwe Miedema
Published March 7, 2013 Reuters

Banks have been complaining bitterly about new laws to sort out their industry, even though they were blamed for playing a part in the credit meltdown. But this time round, new U.S. rules look set to help them.

Starting on Monday, hedge funds and other large investors must guide their trading in derivatives through traffic control centers known as clearinghouses.

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Citigroup Says Dodd-Frank Drives Off Overseas Clients

By Michael J. Moore
Published March 1, 2013 Bloomberg

Citigroup Inc. (C) said it could lose overseas customers and Goldman Sachs Group Inc. (GS) may have to limit transfers of capital among its units because of new regulations designed to make the financial system safer.

New derivatives rules set by the Dodd-Frank Act may force foreign clients at overseas branches to comply with U.S. standards, a prospect some don’t find appealing, New York-based Citigroup said today in its annual securities filing.

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Citigroup’s Pandit Shows Love for Dodd-Frank

By Ben Protess
Published March 8 2012 NYT/Dealbook

Is Vikram S. Pandit the anti-Jamie Dimon? Speaking to a packed ballroom at the Waldorf-Astoria hotel in Manhattan on Wednesday, Mr. Pandit, the chief executive of Citigroup, championed an idea that most Wall Street titans would shun: regulation is good.

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EMCF to Push Into OTC Clearing

By Philip Stafford
Published August 26 2011 FT

European Multilateral Clearing Facility, the Dutch clearing house, is to expand into the clearing of products traded off-exchange amid increasing competition in its core business of clearing cash equities.

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Market Turmoil Shows Risk Of Dealer, Sovereign Credit Default Swaps Clearing

By Katy Burne and Jacob Bunge
Published August 10 2011 Dow Jones

The market impact of Standard & Poor's decision to strip the U.S. of its triple-A credit rating--including roiled bank stocks and rising costs for default insurance on other highly rated sovereigns--helps illustrate why credit derivatives tied to governments and major derivatives dealers are not yet being processed by central clearinghouses.

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Europe's Banks Take First Step On Clearing Path

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Factbox: U.S. Regulators Crack Down on Banks, Markets

By Karey Wutkowski, Dave Clarke, Christopher Doering, Sarah N. Lynch, and Kevin Drawbaugh
Published July 18 2011 Reuters

U.S. regulators are straining to keep pace as they write more than 200 rules to rein in risk-taking throughout the financial system.

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