Regulatory Timeline

January 11, 2012
The Commodity Futures Trading Commission approved its version of the Volcker rule and a ban on proprietary trading at major banks. The regulator will accept public comment until Feb. 13 before voting on final approval. They also approved protections for collateral posted on derivatives trades, a response to MF Global Holdings' collapse, and now is considering similar initiatives for futures markets.

December 22, 2011
The CFTC held a public meeting to annouce they voted unanimously to approve final SEF rules that focus on data recordkeeping and real-time reporting.

October 20, 2011
European Commission adopts proposals for MiFID II which include new safeguards for algorithmic and high frequency trading, organized trading facilities, amending EMIR on OTC derivatives, central counterparties and trade repositiories.

October 2011
By October 2011, financial regulators are to issue regulations implementing the Volcker Rule. The rule will become effective at the earlier of 12 months after the issuance of final regulations or July 21, 2012. Given the complexity of the regulations, its effective date is widely expected to be July 21, 2012.
September 14, 2011
Deadline for comment on CFTC's review of swaps for mandatory clearing
August 01, 2011
The staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) will hold a joint public roundtable on August 1, 2011, from 9:00 am to 4:00 pm, to discuss international issues related to the implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
July 25, 2011
Deadline for public comments on the The Securities and Exchange Commission's proposed exemptions from registration requirements for security-based swaps issued by certain clearing agencies.

July 19, 2011
The Commodity Futures Trading Commission held a public meeting on Tuesday, July 19, 2011 at 9:30 a.m to consider four final rules and one proposed rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

July 14, 2011
The Commodity Futures Trading Commission(CFTC) issued an Order clarifying the effective date of the provisions in the swap regulatory regime established by Title VII of the Dodd-Frank Act. The order provides temporary relief from certain provisions that will become effective as of July 16,2011, until the CFTC completes the rulemakings sepcified in the Order.

July 07, 2011
The Commodity Futures Trading Commission held open meeting on Dodd-Frank rulemaking. Chairman Gary Gensler announced that the CFTC had finalized five rules under the Dodd-Frank Act concerning market manipulation, consumer protection and swaps reportings etc.
June 15, 2011
The Securities and Exchange Commission today provided guidance as to which of the Title VII requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act will apply to security-based swap transactions as of July 16, the effective date of Title VII.
June 14, 2011
CFTC held public meeting to consider a fix to allow the over-the-counter derivatives market to operate as usual until they finish new rules, answering industry concern about what will happen after regulators miss the July deadline set out in the Dodd-Frank law.
June 10, 2011
The Securities and Exchange Commission proposed rules that would provide certain clearing agencies with exemptions from the registration requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934 for security-based swaps that they issue.
May 27, 2011
Deadline for public comments on the Financial Stability Oversight Council's proposed criteria to designate a financial market utility as systemically important under the Dodd-Frank Act.
May 25, 2011
The Securities and Exchange Commission meets to discuss whether to adopt a final rule to protect and encourage whistle blowers, as mandated by the Dodd-Frank Act. Meeting begins at 0930 ET.
May 25, 2011
Senate Banking subcommittee holds hearing on the regulation of derivatives clearing houses. Testifying will be executive from ICE Trust, Council on Foreign Relations, CME Group Inc., State Street Global Markets, and JP Morgan Chase &Co.
May 23, 2011
Deadline for comments on the Federal Deposit Insurance Corp's proposal to define what financial companies are subject to resolution under the Dodd-Frank law, and to detail other resolution issues such as recoupment of compensation from senior executives, priorities for expenses and unsecured claims, and the process for judicial determination of claims disallowed by the receiver.
April 27, 2011
The Securities and Exchange Commission today voted unanimously to propose rules further defining the terms “swap,” “security-based swap,” and “security-based swap agreement.” The Commission also proposed rules regarding “mixed swaps” and books and records for “security-based swap agreements.”
April 15, 2011
The Financial Stability Board issued its second report on the implementation of OTC derivatives market reforms.
April 12, 2011
The Senate Banking Committee held a hearing on Title VII of the Dodd-Frank Act titled "Building the New Derivatives Regulatory Framework: Oversight of Title VII of the Dodd-Frank Act."
April 12, 2011
The FDIC Board met to consider a proposal on margin and capital requirements for swap dealers and major swap participants.
April 12, 2011
The CFTC held its 13th series of open meetings on rulemaking covering additional amendments from the original meeting, including margin requirements for uncleared swaps and amendments to 17 CFR.
March 31, 2011
OTC Derivatives Supervisors Group suggests a roadmap for helping to improve coordinated, international regulatory reform to the OTC derivatives markets.
March 31, 2011
CFTC Commissioner Scott D. O'Malia hosted an open meeting to talk about how current technologies will be used in the execution of interest rate swaps on swap execution facilities.
March 8, 2011
SEC chairman Mary Schapiro spoke before the Senate Committee on Agriculture, Nutrition and Forestry about the implementation of Title VII of the Dodd-Frank Act.
March 8, 2011
Comments due on the CFTC proposed rules on operation of SEFs.
February 10, 2011
The House Agriculture Committee held a public hearing to review implementation of Title VII of the Dodd-Frank Act. The hearing focused on regulatory rules for the trading, clearing and reporting of swaps and security-based swaps.
February 7, 2011
Comments due on CFTC proposed rules on real-time reporting requirements for swaps, including reporting requirements for swap dealers, major swap participants, swap data repositories and clearinghouses.
February 1, 2011
Comments due on CFTC proposed rules on protection of customer collateral on uncleared swaps.
January 28, 2011
The CFTC held a roundtable discussion on swap data recordkeeping and reporting requirements.
January 27, 2011
The Fed hosted a meeting with major OTC derivatives market participants and global supervisory authorities to discuss improvements and developments in the OTC derivatives market.
January 24, 2011
Comments due on CFTC proposed rules on registration and operational requirements for "swap dealers" and "major swap participants".
January 24, 2011
Comments due on SEC proposed rules on registration and operation of security-based swap data repositories.
January 20, 2011
Comment due on FSOC Advanced Notice of Proposed Rulemaking on regulation of systemically important financial market utilities.
January 20, 2011
The European Commission launched a consultation on Central Securities Depositories (CSDs) and the harmonization of certain aspects of securities settlement in the European Union.
January 20, 2011
The CFTC held a meeting on its tenth series of proposed rules under the Dodd-Frank Act. The primary rule released was that agricultural swaps would be treated the same way as all other swaps, including interest rate swaps.
January 18, 2011
Comment due on CFTC Advanced Notice of Proposed Rulemaking on protection of customer collateral on cleared swaps.
January 13, 2011
The CFTC held a meeting on its ninth series of proposed rules under the Dodd-Frank Act. Some of the topics covered included rules on position limits for derivatives, and adoption of a final rule that addresses requirements for derivatives clearing organizations, DCMs and SEFs regarding the mitigation of conflicts of interest.
January 1, 2011
The Committee of European Securities Regulators (CESR) officially became the European Securities and Markets Authority (ESMA). ESME released a FAQ as a guide to understanding the new entity.
December 21, 2011
The CFTC and SEC released proposed joint regulations to clarify the definitions of "swap dealer," "security-based swap dealer," "major swap participant", "major swap participant" and "eligible contract participant" as used in Dodd-Frank Act.
December 16, 2010
The CFTC held a meeting on its eighth series of proposed rules under the Dodd-Frank Act. At this meeting, the CFTC released rules on Swap Execution Facilities, which were meant to be released in the seventh series, but had been postponed at the last minute. Other topics covered included position limits for physical commodity derivatives; confirmation, portfolio reconciliation and portfolio compression requirements for swap dealers and major swap participants; and risk management requirements for derivatives clearing organizations.
December 10, 2010
The CFTC and the SEC held a public roundtable to discuss issues related to capital and margin requirements for swap dealers, security-based swap dealers, major swap participants and major security-based swap participants. The roundtable will assist the agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition to CFTC and SEC staff, roundtable participants included staff from the Federal Reserve Board and other prudential regulators.
December 9, 2010 The CFTC held a public meeting on the seventh series of proposed rules under the Dodd-Frank Act. This meeting was supposed to cover the following topics: core principles and other requirements for swap execution facilities; exceptions to mandatory clearing of swaps; and governance requirements for clearing organizations, DCMs and SEFs. On the morning of this meeting, the CFTC announced it would not vote on the portions of the meeting that dealt with SEFs.
December 1, 2010
The CFTC held a public meeting on the sixth series of proposed rules under the Dodd-Frank Act. The following topics were discussed: designated contract markets; regulations for clearing organizations; reporting and recordkeeping for swap dealers and major swap participants; and further definition of "swap dealer," "security-based swap dealer," "major swap participant" and "eligible contract participant."
November 19, 2010
The CFTC held a public meeting to discuss issuance of the fifth series of proposed rulemakings under the Dodd-Frank Act. The following topics were discussed: swap data repositories; real-time public reporting of swap transaction data; protection of collateral of counterparties to uncleared swaps and the treatment of securities in a portfolio margining account in a commodity broker bankruptcy; and data recordkeeping.
November 10, 2010
The CFTC held an open meeting to discuss the fourth series of proposed rules under the Dodd-Frank Act. Topics discussed included: registration of swap dealers and market participants; implementation of Whistleblower provisions; implementation of conflict-of-interest policies and procedures; and the designation and role of a chief compliance officer.
November 2, 2010
CFTC Chairman Gary Gensler and EU Commissioner Michel Barnier met to discuss issues concerning the regulation of over-the-counter derivatives. Gensler and Barnier reiterated their commitment to strong regulation and enhanced transparency in the market. They also stressed the importance of ongoing efforts to reform the OTC derivatives markets, reviewing four key objectives set forth by the G20 in September 2009, namely clearing through central counterparties, trading on exchanges or electronic trading platforms, where appropriate, reporting and higher capital requirements for non-cleared swaps.
October 23, 2010
The CFTC held an open meeting on its third series of proposed rules under the Dodd-Frank Act. Topics discussed include: prohibition of market manipulation and disruptive trading practices; removing any reference to or reliance on credit ratings in Commission regulations and proposing alternatives; and the process of review of swaps for mandatory clearing.
October 19, 2010
The CFTC held an open meeting on its second series of proposed rules under the Dodd-Frank Act. Key topics discussed include the definition of "agricultural commodity" and position reports for physical commodity swaps and options.
October 13, 2010
The Committee of European Securities Regulators(CESR) issued its second set of advice for the European Commission (EC) on the trading of OTC derivatives in the context of reviewing MiFID. The document outlines various technical advice, including on standardization and organized platform trading, post-trade transparency and client categorization. Read the full report here.
October 8, 2010
The Committee of European Securities Regulators (CESR) has issued guidance on how to report transactions on OTC derivative instruments. The document details for reporting procedures for various OTC instruments, including swaps, warrants, futures and forwards.
October 1, 2010
In its open meeting on the first series of proposed rules under the Dodd-Frank Act, the CFTC unveiled proposed governance rules for derivatives clearinghouses and trading platforms. The rules are designed to reduce conflicts, beef up financial resources and protect the market in the event of a crisis. The CFTC is set to release its proposed SEF rules in late October, early November.
August 30, 2010
The Committee of European Securities Regulators (CESR) published the comment letters it received from the European OTC derivatives industry in response to its two consultation papers. Among other items, the consultation papers addressed the possible ways to organize transaction and position reporting on OTC derivatives, definition of exchange trading and transaction reporting obligations. CESR will use the industry's comments in its suggestions to the EU, as the European regulators prepare to draft the OTC derivatives rules.
August 20, 2010
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held a public roundtable to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps. The discussion during the meeting focused on the various types of conflicts that exist, as well as the possible methods for mediating these conflicts.
August 11, 2010
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) held the third meeting of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues on August 11, 2010. The Joint Committee examined the unusual market events that took place on May 6, 2010, with a primary focus on investor prospective. The meeting included an introduction and opening statements from the CFTC Chairman Gary Gensler and the SEC Chairman Mary Schapiro.
July 21, 2010
President Barack Obama signed the Restoring American Financial Stability Act of 2010 into law. The bill contains vast provisions that will affect almost every aspect of the financial landscape, including the OTC derivatives market. One of the mandates in the bill would require most derivatives to be traded on swap execution facilities(SEFs) or exchanges and be cleared through clearinghouses.
July 19, 2010
The Committee of European Securities Regulators (CESR) has issued two consultation papers designed to define certain terms in the new OTC derivatives landscape and asking for comments. The deadline for comment on the two reports, titled “Standardization and Exchange Trading of OTC Derivatives” and “Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations”, is August 16. Among other items, the consultation papers address the possible ways to organize transaction and position reporting on OTC derivatives, definition of exchange trading and transaction reporting obligations.
July 15, 2010
The Senate approved the sweeping financial regulatory reform bill in a 60 to 39 vote. The bill will now go to President Barack Obama to be signed into law next week. The new legislation is designed to bring greater transparency and efficiency to the OTC derivatives industry.
June 30, 2010
The House of Representatives approved the financial regulation overhaul bill in a 237 to 192 vote. The legislation now moves to a Senate vote, which will be held when the senators return from the Independence Day recess on July 12. The proposed legislation, full of compromises from the Senate and the House, would bring transparency and efficiency to the OTC derivatives industry.
June 25, 2010
The Congressional Conference Committee has finalized the combined version of the financial regulatory reform bill, which includes provisions from the bills passed by House of Representatives and the Senate. The committee hopes to vote to approve the bill and have it ready for President Obama to sign by July 4.
June 14, 2010
The European Commission started a public consultation of Derivatives and Market infrastructures related to clearing. The public responses, due by the July 10, will be used by the Commission to draft its proposal for European Market Infrastructure Regulation. This consultation paper includes a number of proposals relating to clearing and specifically lays out the requirements for central counterparties as well as the principles for the right of interoperability.
June 10, 2010
U.S. Congressional panel begins its public regulatory reform meetings. The joint House of Representatives-Senate conference committee will merge the two proposed bills to create one joint piece of financial reform legislation. The committee hopes to have a bill ready for President Obama to sign by July 4.
June 4-5, 2010
The finance ministers from the G20 group of industrial and emerging countries met June 4 and 5 in Busan, South Korea. They reviewed the pledges made in 2009 to strengthen regulation and discuss lessons learned from the recent financial crisis. The G20 has called for greater standardization and central clearing of privately arranged OTC derivatives contracts by the end of 2012 to cut risk.
May 26, 2010
The Canadian government proposed a federal Securities Act that establishes a framework for the regulation of exchange-traded and over-the-counter derivatives markets and their participants. The draft legislation is currently being reviewed by the Canadian Supreme Court to decide whether the bill is within the legislative competence of the federal Parliament.
May 25, 2010
Twelve senior U.S. senators were selected to a conference committee that will finalize a sweeping rewrite of the financial regulations overhaul bill. The senators will work out differences between Wall Street reform bills that were approved by the Senate and the House of Representatives. The final collaboration will be sent to President Obama to be signed into law. Some industry members say the combined bill could be ready as early as July 4.
May 20, 2010
The Senate passed its version of the financial regulation reform bill with a 59 to 39 vote. The bill must now be reconciled with the one passed by the House of Representatives in December before being presented to President Obama. The Senate bill gives regulators new powers to oversee the OTC derivatives market and includes an amendment requiring banks receiving Federal aid to spin off their swaps desks.
May 18, 2010
Gary Gensler, Chairman of the U.S. Commodity Futures Trading, spoke on OTC Derivatives - Transparency and Trading, during the 2010 Global Corporate Treasurers Forum, hosted by the Association for Financial Professionals (AFP). Gensler discussed the need to bring transparency to both regulators and the public because one of the lessons from the 2008 financial crisis was that transparency is critical to lowering risk in the marketplace. Read more about the event here.
May 14, 2010
Senators Tom Harkin and Maria Cantwell introduced an amendment to the financial reform bill to ensure electronic trading, not phone transactions, are used to buy and sell most swaps after the legislation was changed last month. The objective of the amendment is to ensure the legislation substantially reforms the OTC trading of swaps to promote transparency and openness in the market, according to Harkin.
May 11, 2010
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have announced they are forming a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues is one of the 20 recommendations included in the agencies' harmonization report issued last year. The joint committee will develop recommendations on emerging and ongoing issues relating to both agencies.
April 29, 2010
The Senate has ended its three-day stalemate and moved forward with the proposed financial regulatory overhaul bill. Senate members began debating the legislation today after voting three times to block moving the bill to the floor.
April 28, 2010
For the third time in as many days, the Senate voted to block the efforts to bring the financial regulatory reform bill to the floor for debate. The vote, at 56-42, fell short of the necessary 60 needed.
April 27, 2010
The Senate voted 57-41, again, falling short of the 60 votes needed, on a procedural measure to allow debate of the financial regulatory reform bill. This is the second time the Senate failed to bring the proposed bill forward to the floor for debate.
April 26, 2010
The Senate voted 57-41, falling short of the 60 votes needed, on a procedural measure to allow debate of a financial regulatory reform bill. The decision sent Senators back to the negotiation table to work out a bipartisan financial regulatory proposal. The vote, split down party lines, likely represents only a minor setback for the Senate on the financial regulation overhaul. You can find a link to more detailed coverage of the event here.
April 23, 2010
The Swaps & Derivatives Market Association (SDMA), which consists of smaller players outside the dominant banks of the OTC market, has sent a letter to key US regulators in support of legislative efforts to lessen systemic risk and bring greater transparency into over-the-counter derivative markets. SDMA wants to see the clearing of all standardized derivatives and equal access to clearing houses by all market participants.
April 22, 2010
President Barack Obama gave a speech at Manhattan's Cooper Union college to urge top banking executives to back his sweeping overhaul of financial-market rules. President Obama spoke about the need to pass tighter financial regulation reform order to prevent a future economic recession similar to the one currently gripping global financial markets.
April 22, 2010
During their 25th Annual General Meeting, members of the International Swaps and Derivatives Association (ISDA) fought back against growing momentum for reforms that would require contracts to be traded on exchanges, calling it unnecessary and likely harmful to industrial companies. Conrad Voldstad, chief executive at ISDA, said Sen. Blanche Lincoln's bill was likely politically motivated and overrides prior, more "sensible" efforts made by the committee.
April 21, 2010
The U.S. Senate Committee on Agriculture, Nutrition and Forestry, voted 13 to 8 to approve the "The Wall Street Transparency and Accountability Act of 2010," which was introduced by Sen. Blanche Lincoln (D-Ark.). The vote was split down party lines with one Republican, Sen. Charles Grassley, supporting the measure.
April 21, 2010
In a 9-12 vote, lawmakers rejected a measure introduced by Sen. Saxby Chambliss, R-Ga. The measure would have replaced Sen. Blanche Lincoln's "The Wall Street Transparency and Accountability Act of 2010" with one that would have expanded exemptions and reduced costs for many involved in swaps contracts.
April 20, 2010
In a speech in Washington, Vice President Joe Biden said that financial regulatory reform must bring new transparency to the way that derivatives are treated on Wall Street. "It (reform) must block banks from steering clients toward a pit of toxic investments with one hand while betting against those very investments with the other hand," Biden said.
April 16, 2010
Sen. Blanche Lincoln (D-Ark.), Chairman of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, has submitted a bill called "The Wall Street Transparency and Accountability Act of 2010." The bill, which is viewed as one of the toughest pieces of financial reform legislation, requires that OTC derivatives trades be cleared through central clearing houses and reported in as real-time as technologically possible after execution.
April 15, 2010
Treasury Secretary Timothy F. Geithner sent a letter to Senate Agriculture Committee Chairman Blanche Lincoln, stepping up his push to regulate the derivatives market. In the letter, Geithner said derivatives legislation must require all standard derivative contracts be traded on "regulated exchanges or other regulated and transparent trading platforms."
April 14, 2010
In an attempt to soften derivatives regulatory reform opposition, President Barack Obama met with Republican leaders. However, the meeting did little to improve the tone of an increasingly bitter debate. "If you need to know one thing about this bill, it's that it would make it official government policy to bail out the biggest Wall Street banks," said Mitch McConnell, the Senate Republican leader, as he left the meeting.
April 14, 2010
The European Commission issued a document that said the Commission is likely to include an exemption for non-financial firms from new rules that will require most derivatives trades to be routed through clearing houses. The document lays out the commission's preferred approach: exempting non-financial firms, but giving regulators the authority to investigate and possibly require clearing if a firm's activity in the derivatives market exceeds a specific threshold.
April 7, 2010
The Financial Crisis Inquiry Commission kicked off three days of hearings by hearing from the former U.S. Federal Reserve Chairman Alan Greenspan. The U.S. congressional panel pointed the finger at Greenspan for not stopping Wall Street's subprime mortgage machine from running out of control.
March 31, 2010
Senator Sherrod Brown has introduced a proposed amendment to the financial overhaul bill seeking to restrict the investment banks' ownership of clearinghouses OTC derivatives. Under his proposed amendment, the large broker-dealers could be mostly shut out of this potentially lucrative business, raising concerns as to where liquidity would come from to clear the huge inflow of OTC trades expected to hit the open market in the near future.
March 23, 2010
The Senate Banking Committee has approved Chairman Chris Dodd’s financial reform bill with a vote of 13-10, split down party lines. The bill is the Senate equivalent of the House financial reform bill and features similar legislative language, including a version of the Volcker Rule. The bill will now be presented to the Senate as a whole for further discussion. You can find a link to more detailed coverage of the event here.
March 15, 2010
Senate Banking Committee Chairman Christopher Dodd (D-CT) introduced his financial reform bill after a breakdown in bipartisan talks. The bill proposes a Treasury-run council to monitor for systemic risks and charges the Federal Reserve to oversee the country’s largest financial institutions. In addition, it poses tight restrictions on over-the-counter derivatives, mandates central clearing for most OTC transactions, and implements a weak version of the Volcker Rule that directs regulators to use their discretion in restricting banks from proprietary trading.You can read the full text of the proposed bill here.
March 15, 2010
CFTC Chairman Gary Gensler is scheduled to address the European Parliament’s Economic and Monetary Affairs Committee, in addition to sitting down with other high level financial services regulators in Brussels and London. Read about it here.
March 12. 2010
The International Center for Financial Regulation (ICFR) announced that it was establishing an Academic Panel composed of the leading academics in the fields of financial regulation and economics. The panel will provide its financial expertise to the ICFR and enable it to collaborate more extensively with the academic world. You can find coverage of the release here.
March 9, 2010
CFTC Chairman Gary Gensler speaks before the Senate Committee on Energy and Natural Resources on the regulation of OTC energy derivatives markets. In his speech, he recommends greater transparency, mandated central clearing, and increased regulatory oversight of energy derivatives markets.
March 4, 2010
The Committee on Capital Markets Regulation released a 28-page letter to members of the Senate Banking Committee and the House Financial Services Committee detailing a comprehensive approach to over-the-counter derivatives reform. Some recommendations include clearing houses regulated by the Federal Reserve, the allowance for non-standardized derivative contracts, and the encouragement but not requirement of exchange-trading for OTC derivatives. The full letter can be found here.
March 3, 2010
CFTC Chairman Gary Gensler has given a series of speeches on over-the-counter derivative markets reform, advocating for standardized swaps, transparent and regulated trading facilities, and central clearing of OTC trades.
March 1, 2010
A letter signed by twenty-six major over-the-counter derivatives market participants was released today, detailing their commitment to increasing standardization and transparency. In addition, the participants restated their dedication to expanding central clearing in credit and interest rate swap markets while improving collateral management practices to alleviate counterparty risk. You can find the press release here, the participants’ letter here and a summary of their commitments here.
March 1, 2010
The English translation of Werner Langen's Feburay 11th "Own Initiative" Report has been released to the public. The report recommends that credit-default swaps should be subjected to independent central clearing, and that derivatives dealers should not own central counterparties. Langen is a German representative to the European Parliament's Committee on Economic and Monetary Affairs, and is the rapporteur (someone appointed to investigate a specific issue) of the report. You can find the full, English text of the report here. Amendments to the report are due March 1, 2010.
February 24, 2010
CFTC Chairman Gary Gensler speaks to the Energy Bar Association in support of standardized and transparent OTC markets.
February 4, 2010
Senate Banking Committee chairman Chris Dodd (D-CT) held a hearing entitled, “Implications of the Volcker Rules for Financial Stability,” during which he made the case for urgent financial reform and the reining in of excessive risk-taking. You can find an archived webcast of the committee hearing here.
January 29, 2010
The Committee of European Securities Regulators published a consultation paper on guidelines for OTC derivative transactions reporting, and is seeking responses from market participants. You can read the paper here. Additionally, you can find a summary of feedback to the consultation paper here.
January 29, 2010
CFTC Chairman Gary Gensler speaks to the American Bar Association, Committee on Derivatives and Futures Law, in support of OTC derivatives legislation. Click here to view the speech.
January 21, 2010
Japan's FSA released a finalized document proposing mandatory CCP clearing for OTC derivatives, in preparation for the current session of Japanese Parliament. Read "Development of Institutional Frameworks Pertaining to Financial and Capital Markets" here.
January 6, 2010
The European Association of Corporate Treasurers sent a letter to the Commissioners of the European Union. The letter urges the EU to preserve end-user access to the over-the-counter derivatives markets.
January 1, 2010
The Federal Reserve Bank of New York published OTC derivatives paper entitled "Policy Perspectives on OTC Derivatives Market Infrastructure. The staff report by Darrell Duffie, Ada Li, and Theo Lubke discusses how the New York Fed and other regulators could improve weaknesses in the OTC derivatives market through stronger oversight and better regulatory incentives for infrastructure improvements to reduce counterparty credit risk and bolster market liquidity, efficiency, and transparency. See the report here.
December 11, 2009
The Wall Street Reform and Consumer Protection Act of 2009 passed the house. Click here to view.
December 9, 2009
Amendment proposed by Rep. Stephen Lynch (D-Mass). Click here to see Rep. Stephen Lynch's (D-Mass) amendment to H.R. 4173.
December 7, 2009
The Futures Industry Association sent a letter to the Chairmen and Ranking Members of the House Financial Services Committee and the House Committee on Agriculture. The letter opposes the restrictions that the Lynch Amendment would place on clearinghouse ownership. To see the letter, please go here.
December 2, 2009
The Senate Agriculture, Nutrition, and Forestry Committee held a hearing entitled "OTC Derivatives Reform and Addressing Systemic Risk." For more information and prepared testimony, please click here.
December 2, 2009
The House Energy and Commerce Committee Subcommittee on Energy and the Environment held a hearing entitled “Impacts of H.R. 3795, the Over-the-Counter Derivatives Market Act of 2009, on Energy Markets.” For more information and prepared testimony, please click here.
November 18, 2009
The Senate Agriculture, Nutrition, and Forestry Committee held a hearing entitled "Reforming U.S. Financial Market Regulation." For more information and prepared testimony, please click here.
November 17, 2009
The House Agriculture committee held a hearing to review the "Financial Stability Improvement Act of 2009" (H.R. 3996) draft legislation. For more information, including prepared testimony from CFTC Chairman Gary Gensler, please click here.
November 11, 2009
Senate Banking Committee Chairman Chris Dodd (D-CT) released the discussion draft for comprehensive financial services reform. See legislative text and a summary of the bill.
October 9, 2009
House Agriculture Committee Chairman Collin Peterson (D-MN) released discussion draft legislation to regulate the market for OTC derivatives. See the legislative text, and a comparison of recent proposals, prepared by the House Agriculture Committee.
October 2, 2009
Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, has released a discussion draft of legislation to regulate OTC derivatives. See the press release or the draft legislative text.
September 22, 2009
The House Agriculture committee held a second hearing to review proposed legislation by the U.S. Department of Treasury regarding the regulation of OTC derivatives markets. See the prepared testimony of CFTC Chairman Gary Gensler here or SEC Chairman Mary Shapiro here.
September 22, 2009
Senator Jack Reed (D-RI) has released a bill (S. 1691) to "to comprehensively regulate derivatives markets to increase transparency and reduce risks in the financial system." See the associated press release or the legislative text.
September 17, 2009
The House Agriculture committee held the first of two hearings to review proposed legislation by the U.S. Department of Treasury regarding the regulation of OTC derivatives markets. Ten witnesses appeared, including Daniel N. Budofsky of Davis Polk & Wardwell LLP, who testified on behalf of SIFMA. See his testimony here, or see other prepared statements.
September 8, 2009
The Federal Reserve Bank of New York received commitments from 15 major over-the-counter (OTC) derivatives dealers setting specific target levels for expanding central clearing for OTC credit and interest rate derivatives. View the Federal Reserve Bank of New York's press release, the derivative dealers' commitment letter, the credit appendix, and the interest rate appendix.
August 17, 2009
CFTC Chairman Gary Gensler offered suggestions for improving the Treasury Department's legislative language concerning the regulation of OTC derivatives. Click here to see Gensler's letter to key members of Congress along with an outline and suggested changes to text.
August 11, 2009
The U.S. Treasury Department released its legislative language concerning the regulation of OTC derivatives. See the press release or view the text of the legislation.
August 4, 2009
Sen. Charles Schumer (D-NY) announced that he is drafting legislation that would require consolidated reporting of OTC derivative trades to a central trade repository. See the press release.
July 30, 2009
Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Rep. Collin Peterson (D-MN), Chairman of the House Agriculture Committee, announced the broad outlines of planned legislation to regulate derivatives. See the press release or the concept paper.
July 22, 2009
Rep. Mike McMahon (D-NY) and Member of the New Democrats Coalition have unveiled legislation to reform derivatives trading. See the news release or view the text of the legislation.
July 22, 2009
Statements of CFTC Chairman Gary Gensler and SEC Chairman Mary Schapiro before the House Financial Services Committee.
July 10, 2009
Statement of U.S. Treasury Secretary Timothy Geithner before a joint hearing of the House Agriculture and House Financial Services Committees.
July 3, 2009
The European Commission released a communication and working documents proposing several new steps for the regulatory reform of derivatives markets in Europe.
June 22, 2009
Senator Mike Crapo (R-ID) posted a number of letters from American corporations concerned about mandatory clearing or exchange trading requirements for derivatives on his website.
June 17, 2009
U.S. Treasury White Paper on Financial Regulatory Reform.
June 4, 2009
Statement of Gary Gensler, Chairman, Commodity Futures Trading Commission before the Senate Committee on Agriculture, Nutrition and Forestry.
June 2, 2009
Misunderstanding Derivatives Endangers Main Street, by Congressman Mike McMahon (D-NY), The Hill.
May 13, 2009
U.S. Treasury Secretary Timothy Geithner sent Congress a letter that outlined regulatory reform of the OTC derivatives markets.
May 13, 2009
The U.S. Chamber of Commerce commented on the Administration's derivatives proposal.

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Regulatory Timeline