Gensler Urges Fast Action on Cross-Border Derivatives

The U.S. Commodity Futures Trading Commission (CFTC) planned to have cross-border derivative guidance finished by July 12th, and on June 25th CFTC Chairman Gary Gensler assured Senators that this deadline would be kept, despite some opposition. Gary Gensler, Chairman of the CFTC, told members of the Senate...

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...

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...

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...

CFTC’s Division of Swap Dealers Issue Time-Limited No-Action Relief

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. The no action relief concerns certain recordkeeping obligations under Part 23 of the Commission’s Regulations. In a press release issued by...

Bank-Backed Initiative Eases SEF Migration

A newly created industry initiative backed by banks, has been launched with the hope  to standardize administrative messages on swap execution facilities (SEFs). The initiative also has a goal of automating exchanges between dealers and clients across multiple swaps platforms. The action, known as the...

LCH.Clearnet Cites ‘Major’ Tech Failure in December

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, Bloomberg and the Bank of England...

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,...

Dodd-Frank Swaps Reform Undertaken by Bipartisan Group

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. Bloomberg reports that the bipartisan measures would alter the law’s 2010 requirement that banks with access to...

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...
Page 1 of 212