News

ECB Threatens to Stop Trading Swaps with US Counterparties

By Matt Cameron and Peter Madigan
Published October 25 2011 Risk

The European Central Bank (ECB) has warned in a letter to the Commodity Futures Trading Commission (CFTC) that it might have to stop trading over-the-counter derivatives with US counterparties if it – and other eurozone central banks – are not granted exemptions from clearing, execution and reporting elements of the Dodd-Frank Act. The ECB also wants to be exempt from proposed rules on margining for uncleared trades.

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Brussels Delays Decision on OTC Rules

European lawmakers said on Monday that they would leave open for a few more months the possibility of reaching a deal on new European Union rules for over-the-counter derivatives with member states.

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CFTC's Latest Plan For Swaps May Save Banks Billions

By Justin Grant
Published: January 26 2011 Advanced Trading

The rigid regulatory climate may have some on Wall Street feeling a bit uneasy these days, but at least one regulator is probably winning fans with a plan that may save banks billions in the long run.

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Joint Venture To Develop Collateral Message System

By Telis Demos
Published: January 24 2011 FT

A new venture is underway to make it easier to communicate collateral requirements electronically, which will be a key part of a more active market for clearing and trading over-the-counter derivatives.

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CFTC's Proposed Voting Caps May Not Affect Existing Companies

By Sarah N. Lynch
Published: October 7 2010 Dow Jones Newswires

A proposal by regulators to limit the voting power that certain companies like banks wield in derivatives clearing and trading ventures may not have the teeth some industry officials once feared.

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Swaps Trading Systems Should Be Broadest Possible, Lobbying Group Urges

By Matthew Leising
Published: October 7 2010 Bloomberg

U.S. regulators should define a new way of trading derivatives more broadly than any existing exchange or system so that requirements mandated by financial reform are as flexible as possible, according to Wall Street’s swap industry and lobbying group.

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MarkitSERV To Provide Multiple OTC Clearing Options

By Telis Demos
Published: October 6 2010 FT

Buyers of over-the-counter credit derivatives will now have access to multiple clearing houses via a new platform from MarkitSERV, the company announced on Wednesday.

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CFTC Bank-Stake Proposal, Muni Fees, Geithner’s Bet: Compliance

By Carla Main
Published: October 4 2010 Bloomberg

Banks and major swaps users would be limited to owning no more than 20 percent of derivatives clearinghouses, exchanges and trading systems, under a proposal by the Commodity Futures Trading Commission.

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New Transparency Rules: The Devil Is In The Detail

By Simon Boughey
Published: October 4 2010 eFinancial News 

The derivatives industry might feel it has emerged from the first round of regulation in better health than seemed possible several months ago, but no one in the industry is celebrating just yet.

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The Calm Before Reform

By Randy Myers
Published: October 1 2010 CFO Magazine

With sweeping new legislation on the horizon, companies (and their banks) try to gauge the impact.You didn't think you were going to walk away unscathed, did you?

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CFTC Unveils Proposed Governance Rules

BY Sarah N. Lynch
Published: October 1 2010 WSJ

U.S. regulators on Friday unveiled a series of proposed governance rules for derivatives clearinghouses and trading platforms that are designed to reduce conflicts as well as bolster their financial resources and protect the market in the event of a crisis.

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CFTC Proposes Capping Bank Stakes In Clearinghouses

By Matthew Leising
Published: October 1 2010 Bloomberg Businessweek

Banks and major swaps users would be limited to owning no more than 20 percent of derivatives clearinghouses, exchanges and trading systems, under a preliminary proposal approved by the Commodity Futures Trading Commission.

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U.S. Risk Council Takes First Steps On Dodd-Frank

By Dave Clarke
Published: October 1 2010 Reuters

A new council of U.S. regulators charged with identifying risks to the financial system acted on Friday to begin implementing the new financial regulatory overhaul law.

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US Regulators To Start Work On 'Systemically Important' Designation

By Victoria McGrane
Published: September 30 2010 Dow Jones Newswires

A key oversight council created by the Dodd-Frank financial overhaul law is ready on Friday to take the initial steps towards identifying certain nonbank financial firms as "systemically important," a top U.S. Treasury official will tell lawmakers Thursday.

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Dodd-Frank Won't Derail SEC's Market Structure Work, Official Says

By Peter Chapman
Published: September 30 2010 Traders Magazine Online

Despite the burden of dealing with Dodd-Frank, the Securities and Exchange Commission is plowing ahead with its work on market structure.

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CFTC May Limit Banks To 20% Stakes For Clearinghouses

By Matthew Leising
Published: September 29 2010 Bloomberg

The Commodity Futures Trading Commission is considering limiting banks and investors to owning no more than 20 percent of swaps clearinghouses, exchanges and trading systems, three people familiar with the matter said.

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Regulators Vow Team Effort On Financial Reform

By Peter Chapman
Published: September 29 2010 Reuters 

U.S. regulators will put up a united front before a divided Congress on Thursday, promising to cooperate on hundreds of new rules aimed at preventing Wall Street excesses from triggering another financial crisis.

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U.S. Regulator: Global Derivatives Rules Will Be Similar

By Huw Jones
Published: September 28 2010 Reuters

A top U.S. regulator said on Tuesday that transatlantic trading requirements for derivatives were likely to vary somewhat but that the differences should be kept to a minimum.

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Paul Volcker Wants A More Diligent Fed And Derivatives Regulation

Published: September 24 2010 Chicago Tribune

Former Federal Reserve chairman Paul Volcker told international banking regulators gathered in Chicago today that the "financial system is broken," and said more oversight is needed from governments nationally and internationally.

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Defusing The $700 Trillion Time Bomb

By Dan Freed
Published: September 22 2010 The Street

That seems to be the choice facing those of us who would like to see meaningful reform of the $700 trillion market for what are known as "over-the-counter" (OTC) derivatives, instruments that Berkshire Hathaway Chairman Warren Buffett famously called "financial weapons of mass destruction."

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