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OTC Rates Trading Trends Shift Under New Regs

March 16, 2015, The Trade

Market participants traded more OTC interest rate derivatives in 2014, but in smaller sizes according to a review.

The International Swaps and Derivatives Association (ISDA) found that average daily notion volume fell from $588 billion in the first quarter of the year to $484.4 billion in the fourth quarter.

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ESMA Urged to Change 1-Trade-Per-Day Liquidity Definition

By John Bakie
March 5, 2015, The Trade

The European Securities and Markets Authority (ESMA) is being urged to recalibrate its proposed liquidity thresholds for some classes of derivative, after its December consultation paper appeared to indicate products with as few as one trade per day would be considered liquid.

In a media briefing today, Scott O’Malia, CEO of the International Swaps and Derivatives Association (ISDA) and a former Commodity Futures Trading Commissioner said proposals in MiFID II risk applying a “liquid instrument” term too broadly, which will ultimately harm trading in many less liquid products.

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CFTC Official Tied to Wall Street Profits from Merger Fight

By Robert Schmidt
January 22, 2015, Bloomberg News

In moving from the private sector to government, the newest Republican member of the Commodity Futures Trading Commission has acquired potential conflicts that ethics lawyers say could force him to stay away from matters involving major companies regulated by the agency.

J. Christopher Giancarlo joined the CFTC in June after working at a derivatives brokerage and serving as chairman of an industry lobbying group. Six weeks later CME Group Inc., the world’s largest futures exchange, made an offer to buy Giancarlo’s former employer. In short order, his old firm’s stock price surged, adding an extra windfall to Giancarlo’s multimillion dollar severance as he divested his holdings.

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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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ISDA’s O’Malia: CFTC Rules Need Reassessing

By Zoe Thomas
December 10, 2014, International Financial Law Review

Six months after becoming chief of the global OTC trade body, Scott O'Malia discusses his plans for the cross-border derivatives market. 

It's been a year of change for Scott O'Malia. In July he resigned as commissioner of the Commodity Futures Trading Commission (CFTC). A month later, he became CEO of the International Swaps and Derivatives Association (ISDA).

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Trade Group Calls for More Resilience and Transparency of Clearinghouses

By Andrew Ackerman and Katy Burne
November 25, 2014, The Wall Street Journal

A Wall Street trade group is pressing regulators to boost the resilience and transparency of clearinghouses, which constitute a key safety net for the financial system.

The International Swaps and Derivatives Association said firms likeCME Group Inc., LCH Clearnet Group Ltd. and other clearinghouse operators must take steps to reveal more about their business risks and set aside more cash reserves.

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Fragmentation of Swap Markets “Tragic”, Says FCA

By Viren Vaghela
November 13, 2014, Risk

Lack of co-ordination between regulators has resulted in swap market split - a "very regrettable, almost tragic outcome", says senior FCA official

Regulators are to blame for a splitting of liquidity in euro interest rate swap markets during the past year, and must fix the problem before it gets worse, a senior official from the UK's Financial Conduct Authority (FCA) has warne

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CFTC's Giancarlo Barred from Meeting SEF Bigwigs

By Joe Rennison
Published October 10, 2014 Risk

Former GFI staffer and WMBAA board member cannot speak to ex-colleagues in CFTC role - an outcome one Sef describes as "bizarre"

Chris Giancarlo, one of three recently appointed commissioners at the US Commodity Futures Trading Commission (CFTC), is barred by conflict of interest rules from meeting with former employer GFI Group as well as any board members of the Wholesale Markets Brokers' Association Americas (WMBAA), where Giancarlo was also a member.

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Global Repository Plan ‘a Dream’, Says Isda CEO

By Philip Stafford
Published September 24, 2014 Financial Times

A plan to create a centralised mechanism for the world’s global over-the-counter-derivatives data has been called “a dream” by the industry’s main trade association.

Scott O’Malia, new chief executive of the International Swaps and Derivatives Association, said a recommendation by the Financial Stability Board to create a centralised utility for regulators to share data was “a nice vision for the future but the reality is dealing with what we have today and making that work”.

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