CFTC Finalizes Rule on Persons Associated with Swap Dealers

The Commodity Futures Trading Commission (CFTC) announced today their plan to finalize regulations to clarify rules concerning persons associated with swap dealers. The final rule, announced today, states that each swap dealer, major swap participant, and other Commission registrants with whom an associated...

EU Transaction Tax Would Hurt Economies, Says ICAP

A proposed financial EU transaction tax would damage the region’s economies, says ICAP, one of the world’s largest inter-bank brokers. Reuters reports that the new rules would raise funding costs for governments and companies, and would necessitate financial activity to move outside of the tax...

SEC Approves Using Facebook and Twitter to Alert Investors

The Securities and Exchange Commission (SEC) stated on Tuesday that public postings on sites such as Facebook and Twitter are now allowed to communicate company announcements. The SEC added that updates posted on social media are just as good as news releases and company websites — given that the companies...

CFTC Exempts Interaffiliate Trades from Dodd-Frank Clearing

The CFTC has adopted a rule that exempts interaffiliate trades from the Dodd-Frank Act requirements for clearing. Barclays, JPMorgan Chase & Co., and other banks are among those exempt from the Dodd-Frank Act swap market rules when trading between their own affiliates. Commissioners at the CFTC approved...

Oil Industry Avoids Swaps Rules

Oil industry companies have largely managed to avoid the scrutiny of derivatives trading and registration as swap dealers, according to Reuters. In January of this year, the CFTC required that companies register as dealers if they trade more than $8 billion in swaps a year. Reuters reports that currently, no...

CFTC’s No Action Letter Provides Relief from Required Clearing

The CFTC’s Division of Clearing and Risk issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps.” These are swaps that remain after the partial novation or partial termination of an original swap that was not required to be cleared because it...

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...

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...
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