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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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D.E. Shaw Sees $65m Swaps Margin Threshold as Exposure Cap

By Kris Devasabai 
April 23, 2015, Risk

Isda AGM: Hedge fund plans to share non-cleared swaps around to reduce trading costs.

DE Shaw will share its swaps business around a larger number of banks in an attempt to limit costs relating to incoming margin rules, a lawyer at the hedge fund 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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U.S. vs E.U. CCP Scrap May Be Settled by Margin Study

By Peter Madigan
April 22, 2015, Risk

CFTC and EC analysis aims to end wrangle over merits of 1-day and 2-day margin rules.

European and US regulators are in the final stages of a risk assessment to determine the relative cost to market participants of clearing futures under the EU’s two-day net margin requirement and the one-day gross margin approach in place in the US. That difference has been the sticking point in a drawn-out fight between the jurisdictions, which has prevented CME Group being authorised by European regulators.

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U.S., E.U. Regulators Trade Barbs Over Swaps

By Katy Burne
April 22, 2015, The Wall Street Journal

Attendees at a derivatives industry conference in Montreal on Wednesday got a front-row seat to a continuing spat between international regulators over cross-border rules for the $700 trillion global swaps market.

Regulators in the U.S. and Europe have been divided over how far their respective rules should affect companies involved in swaps overseas that are already overseen by their home regulators, and whether to deem home-country rules equivalent across borders.

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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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EU Eyes More Delay in Clearing House Decision

By Mike Kentz
April 21, 2015, Reuters

The European Union is looking to again postpone imposing new capital rules on EU banks that trade derivatives through non-EU clearing houses, according to a document seen Tuesday.

Amid an ongoing test of wills between European and US regulators, the EU has scheduled a vote Friday to delay the decision until December, a draft of Friday's agenda says.

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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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