Evaluation By EU of U.S. Credit Swap Rules Delayed

The European Commission has given regulators at the European Securities and Markets Authority more time to analyze United States and Japanese credit swaps. The original deadline for their analysis was June 15th, but ESMA has been given an extension until September 1st to formulate an opinion on third party...

Stephen O’Connor Leaves Morgan Stanley to Become Full-Time ISDA Chairman

Stephen O’Connor is resigning from his position at Morgan Stanley to join the International Swaps and Derivatives Association, Inc (ISDA) as a full-time Chairman. With this new position, O’Connor will have a more  hands-on approach in driving ISDA’s strategic initiatives. The pace and scope of...

SEF Rules Approval Leads to Early December Projection for Transacting all Standardized Swaps on SEFs

With the CFTC’s approval of the SEF rules last Thursday, swap users and would-be SEFs are targeting early December as the time when all swap users will be transacting standardized swaps on SEFs. According to Reuters, the exact date is still a moving target until the CFTC publishes the rules in the...

CFTC Approves SEF Rules and Swaps Block Rule

On Thursday the CFTC approved the Swaps Block Rule, the Made Available to Trade Rule, the SEF rules, and the Interpretive Guidance and Policy Statement on Disruptive Practices.The Swaps Block Rule and the Made Available to trade rule were passed 3-2, the SEF rules were passed 4-1 and the Interpretive...

CFTC Approves Trade Execution Rules

At 10:00 a.m. on Thursday, the CFTC held an open meeting to consider trade execution rules and interpretive guidance regarding anti-disruptive trading practices authority. The final rules being that were voted on included: Procedures to Establish Appropriate Minimum Block Sizes for Large Notional...

CFTC to Vote on Dodd-Frank SEF Rules

The Commodity Futures Trading Commission (CFTC) will vote next week on the Swap Execution Facilities (SEF) rules overseeing derivatives under the Dodd-Frank Wall Street Reform Act. On May 9th, the CFTC issued a notice saying a formal vote will take place on May 16th to finalize the SEF rules that were...

DTCC Sues CFTC over “Anti-Competitive Swap Trading Data Rules”

The Depository Trust & Clearing Corp. (DTCC) sued the Commodity Futures Trading Commission (CFTC) on Friday claiming that the derivatives regulator made “anti-competitive rules,” regarding swap trading data, that favor two rival companies. The lawsuit filed by the DTCC, a financial services group...

SEC to Propose Cross-Border Rules for Security Swaps

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. Reuters reports that the Securities and Exchange Commission (SEC) announced that it will vote on the plan Wednesday. In addition, the SEC is...

EU Swaps-Clearing Clash

European Union (EU) delegates are unable to settle a dispute between Germany and the U.K. regarding derivatives-clearing competition, requiring the discussion to begin again on draft legislation. Ireland, which holds the EU’s rotating presidency, is looking to find middle ground on the initiative,...

CFTC Charges Accounting Firm Tunney & Associates

The CFTC  has filed a complaint against Tunney & Associates, an accounting firm with offices in Indiana and Illinois, for failing to properly audit a registered Futures Commission Merchant. Michael Tunney, the firm’s sole owner and a certified public accountant, allegedly violated CFTC Regulations...