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IDBS Grapple with Elusive OTF Clarity

By Helen Bartholomew
May 16, 2015, IFR

Inter-dealer brokers are struggling to make headway on developing new systems for a European swaps trading regime that is set to go live in 2017. With little guidance from regulators as to the shape of new venues for trading such instruments, a new distraction is emerging now that the UK is on course for a potential European Union exit by the time new regulations hit.

Draft regulatory technical standards for the second version of the EU’s Markets in Financial Instruments Directive are currently being prepared by the European Securities & Markets Authority.

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SEF Users: Anonymity, Please

May1, 2015, Markets Media

The practice of name give-ups on some trades executed via swap execution facilities is hampering buy-side acceptance of the trading venues.

Timothy Massad, chairman of the U.S. Commodity Futures Trading Commission, has stated that the agency will look into the practice in which traders’ identities are disclosed during post-trade processing, when they were intended to remain anonymous.

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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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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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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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Hedge Fund Push on Swaps Trades Hits Snag With CFTC’s Giancarlo

By Silla Brush
April 21, 2015, Bloomberg Business

Hedge fund lobbying hasn’t persuaded a key U.S. regulator that the government should step in to curb Wall Street banks’ power over the $700 trillion swaps market.

At issue is a requirement that customers disclose their identities when they buy and sell derivatives on some swap-execution facilities. D.E. Shaw & Co. and Citadel LLC want the Commodity Futures Trading Commission to end the practice, which they say gives banks access to proprietary-investing strategies and discourages trading

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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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Singapore Correct Not to Impose OTC Trading Mandate

By Aaron Woolner
April 16, 2015, Risk

Liquidity issues means the MAS is right not to bring in Sef trading.

The Monetary Authority of Singapore's (MAS) February decision not to impose a trading mandate for over-the-counter derivatives was correct given existing liquidity issues and the limited extent of market development compared with the US, according to panellists at a conference in Hong Kong yesterday.

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Finance Industry Should Fund Swaps Oversight, CFTC’s Bowen Says

By Silla Brush
April 14, 2015, Bloomberg Business

Wall Street banks and other financial firms should pay new fees to bankroll their own government oversight, according to a member of the top U.S. derivatives regulator.

Sharon Y. Bowen, a Democrat on the Commodity Futures Trading Commission, said Congress should let the agency set fees on banks and other companies that trade derivatives. Fees on firms that register with the CFTC and on specific trades would help the agency -- which says its $250 million budget is inadequate -- respond faster to industry requests, she said in testimony for a House Agriculture subcommittee hearing Tuesday.

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