Bart Chilton to Propose Derivative Transaction Fee

Bart Chilton, Commissioner of the Commodity Futures Trading Commission (CFTC), plans to propose a transaction fee for derivative markets to help fund his agency and tighten regulation. The idea of a transaction fee has been tossed around for many years, but it has never really gained any steam. Chilton, one...

SEC Proposes New Exchange Tests to Prevent Tech Breakdowns

The Securities and Exchange Commission (SEC) is striving to limit and prevent technology breakdowns at at venues handling stock, options and bond trades, by proposing a new rule to prevent malfunctions that could harm markets. Bloomberg reports that for the first time, U.S. exchanges and brokers will be...

SEC Nominee White Vows ‘Bold and Unrelenting’ Enforcement

U.S. Securities and Exchange Commission (SEC) nominee Mary Jo White, intends to tell lawmakers that she will bring a “bold and unrelenting” enforcement program to the agency if she is confirmed by the U.S. Senate. Reuters reports that Ms. White stated in a prepared testimony released ahead of her...

CFTC Announces Mandatory Clearing of Swaps

Today, the CFTC announced today that swap dealers, major swap participants, and private funds active in the swaps market, are required to begin clearing certain index credit default swaps (CDS) and interest rate swaps that they entered into on, or after March 11, 2013. The CFTC stated in a press release,...

SEC Proposes Solutions to Trading Glitches

The Securities and Exchange Commission’s (SEC) proposal for solutions to major trading glitches on Wall Street was approved unanimously on Thursday. The Wall Street Journal indicates that the SEC’s proposal is a step toward preventing random computer glitches that disrupt markets, while also...

SEC, Other Regulators May Delay Volcker Rule

Five regulators working on the Volker rule may delay releasing a final version of the rule until the second half of the year. The Wall Street Journal reports that this is later than previously expected, and that the delays are caused by how complex creating a rule that bans risky bets has become. Dodd-Frank...

CFTC Announces Revised Compliance Schedule for Required Clearing

The CFTC’s Division of Clearing and Risk (DCR) today announced a revised compliance schedule for required clearing of iTraxx CDS Indices. The CFTC received notice from ICE Clear Credit LLC that it has begun offering customer clearing of the iTraxx CDS indices that are subject to the clearing...

SEC Seeks Rule Requiring Exchanges to Test Technology

The U.S. Securities and Exchange Commission (SEC) is currently drafting a rule that would require exchanges and clearing firms to routinely test their technology for stability and security. Bloomberg reports that SEC Chairman Elisse B. Walter told an audience at American University’s Washington College...

Gone in 60 Seconds: CFTC’s New Rule Will Force Rejections

U.S. Commodity Futures Trading Commission’s (CFTC) new 60-second rule will require futures commission merchants (FCMs) to have a maximum of 60-seconds to accept or reject a trade for clearing. Risk reports that the CFTC regulation 1.74–Timing of acceptance of trades for clearing – was announced in...

SEC Boosts Real-Time Trading Analysis, Dubs New System ‘Midas’

The U.S. Securities and Exchange Commission (SEC) is working to implement real-time trading analysis this month. Now the SEC is also looking to hire analysts to help give the system teeth. SEC’s Real-Time Trading Tech: Midas The SEC’s new technology – developed by Tradeworx, based in Red Bank,...