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Court Dismisses Lawsuit Against CFTC Over Cross-Border Swaps Rule

By Andrew Ackerman
Published September 16, 2014 The Wall Street Journal

A federal judge affirmed the Commodity Futures Trading Commission's ability to impose its postcrisis rules overseas, handing a win to the agency as it tries to apply its swaps rules both inside and outside the U.S.

U.S. District Court for the District of Columbia Judge Paul Friedman dismissed arguments by three Wall Street trade groups that the CFTC overstepped its authority in issuing new rules and guidance related to overseas swaps transactions. The groups filed the suit in December after the CFTC said overseas affiliates of U.S. banks should have to follow the agency's rules if they use U.S.-located personnel to arrange, execute or negotiate the transaction.

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Ex-LCH Executive Joins CFTC to Advise Massad on Swaps Oversight

By Silla Brush
Published September 16, 2014 Bloomberg

A former executive at the world’s largest clearinghouse for interest-rate swaps has joined the U.S. Commodity Futures Trading Commission to advise its chief on overseeing the $700 trillion global derivatives market.

Jeffrey Bandman, who was head of partnerships and alliances for LCH.Clearnet Group Ltd., started last week as a counselor to CFTC Chairman Timothy Massad. Bandman, who previously oversaw market data businesses for Cantor Fitzgerald LP, will advise on new rules governing swap data and measures to reduce market risk and boost transparency, according to Steven Adamske, the CFTC’s spokesman.

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Massad Heads to U.S. Swaps Agency as Wall Street Seeks Rollback

By Silla Brush
Published June 3, 2014 Bloomberg

For almost five years, the head of a once obscure U.S. agency fought Wall Street to impose curbs on derivatives that helped ignite the 2008 financial crisis. His successor, Timothy Massad, must now decide how to finish the job.

Massad, nominated last year to replace Gary Gensler at the Commodity Futures Trading Commission, is expected to be confirmed as chairman by the U.S. Senate as soon as this week.

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CFTC Should Reconsider Gensler Advisory, Wetjen Says

By Silla Brush
Published May 30, 2014 Bloomberg

The main U.S. derivatives regulator should consider revising a policy that helped prompt a lawsuit by Wall Street lobbying groups because it extended the reach of rules to deals arranged in the country but held overseas, the agency’s acting chairman said.

The Commodity Futures Trading Commission should look at changing or withdrawing the November advisory, released under former chairman Gary Gensler, that sought to curb bank efforts to skirt the 2010 Dodd-Frank Act by automatically applying the trading rules to such transactions, Mark P. Wetjen, the acting chairman, told reporters after a speech at a legal conference in Washington yesterday.

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Gensler’s Swaps Revolution Begins With GFI Poised to Open Up

By Matthew Leising
Published May 13, 2014 Bloomberg

GFI Group Inc. (GFIG) anticipates that investors will soon start trading swaps on its platform, finally broadening access to a corner of the market previously reserved for banks.

The shift would be a victory for Gary Gensler, the former chairman of the U.S. Commodity Futures Trading Commission who helped rewrite the rules for the $710 trillion over-the-counter derivatives market. In the model he turned into law, new venues called swap-execution facilities, or SEFs, allow every player in the market -- money managers and banks who traditionally served as their intermediaries -- to trade with each other. Previously, only banks got to buy and sell the derivatives on interdealer platforms run by firms such as GFI.

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U.S. House Panel to Vote on Swaps Regulator Mandate

By Douwe Miedema
Published April 8, 2014 Reuters

U.S. lawmakers on Monday launched a bill to rewrite the rules of of the Commodity Futures Trading Commission (CFTC), giving more leeway to smaller players in the derivative markets it oversees.

The agency became one of the most prolific reformers of Wall Street after the financial crisis under its previous chairman, Gary Gensler, who was frequently criticised by some in the financial industry for his hard-nosed style and sometimes-hasty adoption of new rules.

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CFTC May Propose Futures Block-Trading Limits, Commissioner Says

By Neil Roland
Published March 27, 2014 mLex

US regulators may revive a futures block-trading plan similar to one drafted last year by Gary Gensler, then chairman of the Commodity Futures Trading Commission.

The CFTC is considering proposing stricter limits on futures block trading than those now being set by futures exchanges, Commissioner Scott O’Malia said. 

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Commissioners Attack CFTC's No-Action Letters

By Peter Madigan
Published March 14, 2014 Risk

Current and former commissioners of the Commodity Futures Trading Commission (CFTC) have denounced the agency’s use of no-action letters and staff guidance under the reign of former chairman Gary Gensler, claiming the various exemptions and exclusions papered over cracks in the regulator’s Dodd-Frank Act rules and cut commissioners out of the rule-making process.

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CFTC Nominees on Track for Confirmation

By Peter Schroeder
Published March 7, 2014 The Hill

The Commodity Futures Trading Commission appears poised to refill its ranks, as a trio of nominees faced no discernable opposition at a confirmation hearing Thursday.

Among those looking to join the Wall Street regulator, is Timothy Massad, a former top Treasury official tapped to lead the agency after the exit of its former head, Gary Gensler.

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CFTC-Ferc Deal Leaves Enforcement Question Unanswered

By Alexander Osipovich
Published January 9, 2014 Energy Risk

A recent deal between the US Commodity Futures Trading Commission (CFTC) and the Federal Energy Regulatory Commission (Ferc) has failed to address a key question on the minds of many energy traders – namely, which of the two agencies will be the primary enforcer of market manipulation rules.

On January 2, the CFTC and Ferc announced they had signed two memorandums of understanding (MOUs) on procedures for sharing information and resolving jurisdictional conflicts between the two agencies, more than three years after they had been required to reach such agreements by the US Dodd-Frank Act.

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