Gary Gensler, Chairman of the CFTC, told members of the Senate Appropriations committee that the CFTC would let the extension expire and continue reformation. He also mentioned that swap participants, including big banks, would comply with the regulations. An exemption from cross-border swap regulation is set to expire on June 12th, meaning firms participating in swaps would have to finalize compliance by that date.Read More
Major Swap Participant
With this new position, O’Connor will have hands-on involvement in driving ISDA’s strategic initiatives. The pace and scope of those initiatives continues to increase given global regulatory reform and the continued evolution of the financial markets and the OTC derivatives business. To address these needs, the decision was made to appoint a full-time chairman who could devote more time and energy to directing and leading the Association.
U.S. regulators intend to submit a proposal next week that will outline how new rules governing over-the-counter derivatives will affect cross-border transactions.
The Commodity Futures Trading Commission (CFTC) announced today their plan to finalize regulations to clarify rules concerning persons associated with swap dealers.
The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a time-limited no-action relief for swap dealers and major swap participants.
A newly created industry initiative backed by banks, has been launched with the hope to standardize administrative messages on swap execution facilities (SEFs).
LCH.Clearnet Ltd., one of the world’s largest interest-rate swap clearinghouse, cited a “major” information technology failure on December 31st of last year. The IT failure affected payment processing in the U.K. and interrupted contingency plans, Reuters and the Bank of England reports.
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.
U.S. House and Senate lawmakers introduced legislation that would facilitate more swaps trading to be conducted at banks that have federal insurance by repealing a part of the Dodd-Frank Act.
TThe CFTC’s Division of Clearing and Risk (DCR) announced today 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 requirement of the Commodity Exchange Act (CEA).