CFTC Closer to Requiring Central Clearing for Swaps

The CFTC  proposed a new rule on Tuesday that would require central clearing within a specified period after the agency designates a swap category for clearing. Large swap traders will have 90 days to comply, private funds and commodity pools will have 180 days, and all other firms will have 270 days to...

CFTC Names Interim LEI Provider

The CFTC has announced that DTCC-SWIFT will provide CFTC Interim Compliant Identifiers (CICI), the first step in a process that will eventually lead to a permanent global legal identity identifier (LEI) system. By enabling swap market participants to easily identify their counterparties when reporting swap...

NFA to Review Segregated Funds Audit Process

In the wake of scandals at MF Global and Peregrine Financial Group (PFG) involving the losses of large amounts of customer segregated funds, the National Futures Association (NFA) has announced that it will review how it audits the way FCMs treat such funds. Coming months after a similar chain of events at...

Investigators Piece Together PFGBest’s Investments

PFGBest’s founder, Russell Wasendorf Sr. and his companies invested in a gamut of ventures, from wind turbines to silver coins featuring Spongebob SquarePants. Now, investigators are piecing together these investments in an attempt to track what exactly happened to the $215 million in missing customer...

High Speed FX Trading Prompts Banks to Trade Elsewhere

Traders at banks are being outpaced by high speed computer algorithms operating on foreign exchange dealing platforms, leading to a fall in spot volumes on the market’s two biggest trading venues and prompting some traders to look elsewhere. The two primary interbank platform dealing providers – Thompson...

Sovereigns May Face Higher Pricing for Non-Cleared Transactions

OTC derivatives trades that are not centrally cleared are likely to cost more than centrally cleared transactions.  According to BNY Mellon, sovereigns may be better off centrally clearing OTC derivatives trades regardless of statutory requirements, because bank counterparties may charge higher prices on...

Compliance Teams Struggle to Meet Deadlines

As the finalization of 11 major Dodd-Frank rules approaches in October, swap dealer compliance teams are beginning to wonder how US regulators will handle missed compliance dates. The US Commodity Futures Trading Commission (“CFTC”) may choose not to sanction firms for failing to comply with the rules by...

Asset Managers in Asia Prepare for New Swaps Rules

Asset managers in Asia are gearing up in anticipation of compliance obligations stemming from the US, where a wave of new regulations will come into effect after a key announcement made by the US Commodity Futures Trading Commission (“CFTC”) last week. Last week, the CFTC approved the definition of the...

CFTC Chairman Gary Gensler Called On to Resign

Senator Jerry Moran, a Kansas Republican, called for the resignation of Gary Gensler, Chairman of the CFTC. In light of the recent collapse of MF Global and PFGBest, Moran accused Gensler and the CFTC of being “asleep at the switch” during the crisis, stating “[m]aybe Gary Gensler needs to...

PFGBest’s Auditor Comes Under Fire

Regulators are now investigating why Iowa-based brokerage PFGBest employed Veraja-Snelling Company, a tiny accounting firm based in Illinois, to audits its books.  The accounting firm appeared to be operating from a residential home in the suburbs of Chicago. PFGBest is a futures brokerage with over $500...
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