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SEC Officials Blast Agency Over Clerical Error on Swaps Rulemaking

By Sarah N. Lynch
February 11, 2015, Reuters

U.S. securities regulators failed to consider a comment letter from a key derivatives trade group before adopting new swaps data reporting rules last month, prompting criticism on Wednesday from the agency's two top Republicans.

The failure to review the letter was due to an inadvertent clerical error, but in a joint statement, Securities and Exchange Commission Republican members Daniel Gallagher and Michael Piwowar said they felt the mistake warranted the need to re-open the rule for public comment.

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ISDA Outlines Proposals for Clearing Recovery

By Cian Burke
January 26, 2015, FOW

Trade body said members should be compensayed by CCP in event of losses.

The International Swaps and Derivatives Association (ISDA) has outlined a proposed framework for central counterparty (CCP) recovery and continuity.

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ISDA Pushes for a Consistent CCP Recovery Framework

By Jon Watkins
January 26, 2015 The Trade

The International Swaps and Derivatives Association (ISDA) has published a paper which proposes recovery and continuity frameworks for central counterparties (CCPs).

The trade association has long been lobbying for a consistent framework across clearing houses since the G20 agreement placed them at the centre of global derivatives reforms.

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Why Banks Fell in Line When Elliott Insisted on a CDS Exception for Caesars

By Matthew Wirz
January 26, 2015, The Wall Street Journal

When Elliott Management Corp. demanded a last-minute change to a global overhaul of the credit-default swaps market in September, Wall Street banks quickly fell into line behind the hedge fund’s ultimatum, people familiar the matter say. The banks couldn’t afford not to, given how much CDS they trade with the fund, the people say.

Just 10 days before the CDS market’s rule maker/trade group was slated to switch all CDS to a new standard contract, Elliott threatened to pull out unless an exception was made for swaps written on gaming empire Caesars Entertainment Corp.'s largest unit.

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ISDA Promotes Kennedy to Global Policy Head

By Alice Atwood
January 16, 2015, FOW

Body makes organisation changes to support cross-border interaction.

The International Swaps and Derivatives Association (ISDA) has made a number of organisational changes in its regulatory and legal teams, including the appointment of Steven Kennedy as global head of policy. 

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Comment: SEFs 2015 outlook: Industry Sees More Flexible Execution Rules; Harmonization

By Henry Engler
January 13, 2015, Reuters

Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.

Indeed, harmonization and cross-border issues appear to be at the top of the agenda for the International Swaps and Derivatives Association (ISDA). In several speeches since becoming head of the industry group last year, Scott O’Malia, a former commissioner at the Commodity Futures Trading Commission (CFTC), has made it clear that for him regulators need to ensure that cross-border oversight is based on risk and not geographic location.

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Non-Cleared Derivatives Margin Rules Worry Market

January 6, 2015, The Trade

Banks and broker-dealers are uncertain whether they will be able to meet new collateral requirements for non-cleared derivatives, according to a survey from the International Swaps and Derivatives Association (ISDA).

International regulators are set to finalise the rules this year, and according to ISDA’s results, around two-thirds of respondents said they were concerned, or somewhat concerned, about their ability to meet the requirements. 

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Q&A: Scott O’Malia, CEO, ISDA

By Beth Shah
January 5, 2015, GlobalCapital

Harmonisation and crossborder issues are key concerns for the International Swaps and Derivatives Association as markets enter 2015. As Scott O’Malia, CEO of ISDA and former commissioner at the Commodity Futures Trading Commission, tells Beth Shah, regulators need to ensure that crossborder oversight is based on risk and not location.

GlobalCapital: What are the stumbling blocks for crossborder reconciliation of derivatives regulation, and what role will ISDA play in regulatory harmonisation?

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Senior Adviser Departs Swaps Group

By Katy Burne
January 5, 2015, The Wall Street Journal

Athanassios Diplas, a senior adviser to the board of the International Swaps and Derivatives Association, said he has stepped down after two years at the trade group to pursue other opportunities.

Mr. Diplas, whose last day was Dec. 31, will continue to consult on the swaps market, among other advisory projects at his firm, Diplas Advisors LLC.

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ISDA Takes Caesars Default Query to Expert Panel

By Katy Burne
January 5, 2015, The Wall Street Journal

For the first time since the financial crisis, a Wall Street trade group has asked a panel of outside experts to decide whether holders of credit-default swaps will collect on what some creditors contend was a default at Caesars Entertainment Operating Co.

At stake: as much as $1.7 billion in payouts on credit-default swaps outstanding on Caesars, according to the latest figures from the Depository Trust & Clearing Corp.

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