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CFTC Commissioner Slams Agency’s Swaps Rules

By Jon Watkins
January 29, 2015, The Trade

A top U.S. regulator is urging the introduction of examinations for swaps traders and brokers, in the latest effort to overhaul opaque derivatives markets that have drawn criticism since the financial crisis.

J. Christopher Giancarlo, the lone Republican among four commissioners at the Commodity Futures Trading Commission, proposes the action to “enhance the knowledge, professionalism and ethics of personnel in the U.S. swaps markets.

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CFTC’s Giancarlo Proposes Swap Personnel Exams

By Katy Burne
January 28, 2015, The Wall Street Journal

A top U.S. regulator is urging the introduction of examinations for swaps traders and brokers, in the latest effort to overhaul opaque derivatives markets that have drawn criticism since the financial crisis.

J. Christopher Giancarlo, the lone Republican among four commissioners at the Commodity Futures Trading Commission, proposes the action to “enhance the knowledge, professionalism and ethics of personnel in the U.S. swaps markets.

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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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U.S. Eyes Common Margins on Uncleared Swaps

By Cian Burke
January 21, 2015, FOW

Chair calls on Asian regulators to take more active role in benchmark reform. 

Timothy Massad, chair of the Commodities Futures Trading Commission, is eyeing cross-border consensus on margin requirements for uncleared swaps and hopes to cut a deal between the US, Europe, and Japan in the coming months.

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Massad Looks to Streamline Cross-Border Rules

By Cian Burke
January 19, 2015, FOW

CFTC Chairman said he held "good discussions" with Chairman Xiao. 

Timothy Massad, chair of the Commodities Futures Trading Commission (CFTC), has said the US regulator is committed to continued cooperation with Asian regulators and the harmonisation of US rules with other nations.

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Massad Announces Asia Trip on Swaps Reform

By Cian Burke
January 14, 2015, FOW Intelligence 

Timothy Massad, the Commodities Futures Trading Commission chairman, has taken the unusual step of announcing his plan to travel to Beijing, Hong Kong, Tokyo, and Singapore later this month to discuss the swaps market reforms

The trip announced by the CFTC marks a stepping up of efforts on common cross-border regulations. 

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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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Swaps End-Users Eye Margin Rule Reprieve

By Gabriel Surprise
January 12, 2015, GlobalCapital

End-users trading swaps could exempted from posting margin on swaps not cleared by registered derivatives clearing organizations under a new Congressional rule amending the Dodd-Frank Act. Despite flaws in the original drafting, the amendment to the rule would be a substantive change to the legislation and would clarify the margin posting process, according to lawyers.

“One of the principal purposes of exempting end­users from mandatory clearing with respect to their swaps used for hedging purposes is to allow end­users to avoid margin requirements set by central clearing counterparties,” said Robert Zwirb, consulting attorney at Cadwalader, Wickersham & Taft, in a client note. “The Dodd­Frank Act does not provide an express carve­out for such parties.”

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MiFID Lowers Swaps Liquidity Bar

By David Wigan
January 9, 2015, IFR

For the European derivatives market, 2015 is set to be the year in which the final pieces of the regulatory jigsaw are finally put in place, comprising rules on electronic trading, transparency and margin, as well as the implementation of central clearing for standardised swaps.

While mandatory clearing of interest rate swaps is set to begin early summer, the big source of debate for European regulators remains which specific securities will be mandated to trade on venues or subject to pre-trade and post-trade transparency under MiFID II.

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EMIR's ‘Clearing College’ System Comes Under Fire

By Tim Cave
January 9, 2015, Financial News

A new system for authorising clearing houses that operate across Europe has fallen prey to national interests and political infighting, according to a review by the top-level body regulating Europe’s securities industry.

A European Securities and Markets Authority review of the “college of regulators” system to oversee EU clearing houses found that college chairs withheld information from other regulators, members sometimes abstained from voting on authorisation decisions, and national interests were being followed in opposition to Esma’s advice.

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