Are Futures the Future of Derivatives? Ask Gensler, Emanuel

Spurred by new and pending CFTC regulation that favors transparent prices, clearing, and standardized electronic trading, large banks are opening up to futures contracts. The move to futures is likely by design, as regulators work to bring new rules that will increase the relative expense of OTC swaps, thus...

CFTC Issues Delays, Updates After Hurricane Sandy

The U.S. Commodity and Futures Trading Commission (CFTC) continues to have a tumultuous week at home, abroad, and even within its own organization, all while dealing with the aftermath of Hurricane Sandy. CFTC’s Division of Clearing and Risk Issues Extension The U.S. Commodity and Futures Trading...

Forex Swaps Exemptions Expected After Election

The U.S. Treasury will push forward with its proposed plan to exempt forex swaps and forward contracts by the end of the year, after the November 6 elections. The decision is expected by 2013 as foreign regulators work to complete derivatives regulation abroad. Firms were left in limbo after the Treasury...

Derivatives Regulators (CFTC, SEC) Back Customer Protection Rules

Entities that regulate the derivatives industry, like the SEC and CFTC, are proposing a new rule that increases protections for customer funds. Commodity and Futures Trading Commission (CFTC) Chairman Gary Gensler said yesterday that the CFTC voted 5-0 behind closed doors to endorse the proposal. “This...

CFTC’s Gensler Admits Error, Confirms Grace Period for Swaps Users

U.S. Commodity and Futures Trading Commission (CFTC) Chairman Gary Gensler has confirmed that swaps users will have a grace period before trades are required to be cleared. The statement ended confusion about whether current swaps trades with U.S. entities would count toward an $8 billion registration...

CFTC Eases Access to Swaps Data: Extraterritoriality Update

The Commodity and Futures Trading Commission (CFTC) voted 3-2 on Monday to approve a rule that makes it easier for foreign regulators to access U.S. swaps data. The vote specifically addressed indemnification agreements that would make foreign regulators liable for any costs associated with lawsuits over...

SEC Capital Requirement Stirs Controversy

A new rule on capital requirements proposed by the Securities and Exchange Commission (SEC) is causing controversy. The rule mandates that financial institutions will be required to hold between $20 million and $5 billion in capital for their securities derivatives. The SEC maintains that the proposed...

Extraterritoriality Blues: UK, Japan, EU Warn CFTC on Swaps Regulation

Regulators in the UK, Japan, and the EU are demanding that the CFTC scale back extraterritoriality rules that would broaden American oversight of the $640 trillion swaps market. “For all its past faults, the derivatives market has allowed financial counterparties across the globe to come together to...

Drop Copies vs. Kill Switches: What’s Next for High-Frequency Trading?

Opposition is growing against the CFTCs preference for using the kill switch as a way to prevent mistakes caused by high-frequency trading. In several recent speeches, CFTC commissioner Bart Chilton has praised kill switch technology as a way of thwarting large-scale “market events” caused by...

From the SEC: New Capital and Margin Rules on Swaps Expected Today

The Securities and Exchange Commission (SEC) is expected to make public today its proposed rules concerning capital and margin requirements for security-based swap dealers and major security-based swap participants. The SEC is mandated by Dodd-Frank to coordinate its new rules with the Commodity Futures...
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