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CFTC Fine-Tunes Rules Covering Swap Trading Venues

By Katy Burne and Andrew Ackerman
April 24, 2015, The Wall Street Journal

A top U.S. derivatives regulator unveiled a package of modest regulatory amendments designed to bolster new trading platforms for swaps, including steps that would give them greater flexibility in how they handle clerical errors and confirm trades.

The changes, detailed by Commodity Futures Trading Commission Chairman Timothy Massad at an industry conference in Montreal, are small adjustments aimed at “fine-tuning” the agency’s rules for the platforms, Mr. Massad said in a keynote speech at the International Swaps and Derivatives Association’s annual general meeting.

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ISDA AGM: CFTC Addresses Trading Abberations with No-Action Letters

By Gabriel Suprise
April 23, 2015, GlobalCapital

The Commodity Futures Trading Commission has issued no-action letters to address trade complications surrounding clerical error trades and has extended no-action relief for SEF execution confirmations.

On April 22, the CFTC issued two no¬action relief letters for swap trading on swap execution facilities and in designated contract markets.

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Massad: SEFS Fear Retaliation if They End Name Give-Up

By Peter Madigan
April 23, 2015, Risk

Isda AGM: CFTC chair is “very concerned” by claims that firms are being shut out of Sefs.

A seemingly trivial stand-off over the disclosure of counterparty names may threaten one of the pillars of US swap trading rules – the provision of impartial access – the head of the US Commodity Futures Trading Commission (CFTC) has said.

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CFTC May Need to ‘Step In’ to End MAT Drought – Reinhart

By Duncan Wood
April 22, 2015, Risk

Pimco derivatives counsel endorses review of Sef-expansion rules.

The US Commodity Futures Trading Commission (CFTC) may need to take “a greater role” in extending the list of swaps required to trade on new platforms, one of its commissioner’s top staffers has warned – a response to a 13-month drought in requests from the swap execution facilities (Sefs) themselves.

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Swaps Leaders Fear Aggregated Rule Impact

April 22, 2015, IFR

A deluge of regulatory changes aimed at reducing systemic risk and ending too-big-to-fail across financial markets has left buy and sell-side participants struggling to make business decisions as they digest the impact of the crippling capital regime and a slew of corporate governance and conduct changes.

Speaking on a panel at ISDA’s AGM in Montreal today, fixed income business heads called for greater clarity over new rules as they prepare for implementation of additional requirements that are set to take effect over the coming years.

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Global Swaps Markets Continue to Fragment – ISDA

By Cian Burke
April 22, 2015, FOW

Euro IRS traded between European dealers has increased in the past two years.

Global derivatives markets are continuing to fragment along geographical lines due to different regional regulations, according to new research by trade body the International Swaps and Derivatives Association (Isda). 

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Swap Rule Harmonisation Tops the Debate

By Helen Bartholomew
April 21, 2015, IFR

Derivatives professionals gather in Montreal, Canada this week for ISDA’s 30th Annual General Meeting, where cross border harmonisation will top the agenda amid a myriad of issues still weighing on the US$691trn over-the-counter swaps market.

Almost six years on from the G20 agreement struck in 2009 by global leaders in Pittsburgh, which sought to eliminate systemic risk by forcing swaps to be centrally cleared, reported to registered data repositories, and ultimately traded in an exchange-like electronic environment, industry participants have become frustrated with the lack of global consistency and the often haphazard outcomes that a fragmented approach has delivered.

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Scott O’Malia: Time for a Regulatory Time Out

By Duncan Wood
April 21, 2015, Risk

Isda chief calls for a pause in rule-making to "fix the errors", as the association heads into its thirtieth annual general meeting.

A time out, a stock-take, a chance to fix some problems – that is what Scott O'Malia, chief executive of the International Swaps and Derivatives Association wants from regulators as Isda heads into its thirtieth annual general meeting, with post-crisis reforms still the industry's biggest headache.

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Ex-ISDA CEO Pickel Joins Tradition SEF

April 16, 2015, Markets Media

Robert Pickel, the former chief executive of the International Swaps and Derivatives Association, is joining the board of the U.S. swap execution facility operated by Tradition.

The inter-dealer broker has appointed Pickel as a non-executive director of TraditionSEF.

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CDS, IRD Notionals Decline Year on Year

By Gabriel Suprise
April 6, 2015, GlobalCapital

The overall credit default swap and interest rate derivative notionals reported to swap data repositories last week decreased by 22% and 30% respectively compared to the same week last year, according to data from the International Swaps and Derivatives Association.

However, overall year-to-date trade counts in both CDS and IRD were up by 1% and 9%, respectively, from the same year-to-date in 2014.

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