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...

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,...

CFTC’s Gensler Touts ‘Historic’ Changes with Futurization of Swaps

U.S. Commodity Futures Trading Commission (CFTC) head Gary Gensler touted the benefits of “futurization” in a speech delivered at the CFTC today. Chairman Gensler used his address to note the CFTC’s shift to implementation, away from broader rule-making, and also to hint at the upcoming...

CFTC on Futures as the Future of Swaps

The U.S. Commodity Futures Trading Commission (CFTC) will publicly discuss the “futurization” of the swaps market on January 31. The “futurization of swaps” is quickly shaping up to be a hot-button issue in early 2013. The CFTC’s discussion will purportedly revolve around the following:general...

CFTC Extends Review Period for Controversial Swaps Rule

Update: The U.S. Commodity Futures Trading Commission (CFTC) is extending the review period for Rule 1001. Chicago Mercantile Exchange (CME) and DTCC have threatened legal action against the CFTC depending on the outcome of the rule. From the CFTC’s Statement Today: The Commodity Futures Trading...

CFTC Announcement Could Trigger Lawsuit Over Future of Swaps Data

The U.S. Commodity Futures Trading Commission (CFTC) is set to decide on a rule that could embroil swaps regulation in a lawsuit between CME and DTCC. The rule was delayed last week when the CFTC chose to extend the public comment period on an amendment proposed by CME. The amended rule states: “For all...

CFTC Unveils Real-Time Reporting of Swap Transactions and More

The U.S. Commodity Futures Trading Commission (CFTC) today issued a statement announcing real-time public reporting for swap transactions and swap dealer registration. From the CFTC Chairman Gary Gensler: “Two of the most significant Dodd-Frank reforms began implementation this week. Real-time reporting...

CFTC Continues Wave of Relief with Exemption for Foreign-Owned Banks

The U.S. Commodity Futures Trading Commission (CFTC) has issued no-action relief for certain banks owned by non-U.S. swap dealers. The relief for foreign-owned banks comes in a wave of recent swaps-oriented regulatory exemptions and delays. The letter states that the CFTC’s Division of Swap Dealer and...

CFTC Slowing Down?: More Deferrals for Swaps, Business Conduct Rules

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) yesterday issued a time-limited no-action letter that exempts floor trading from counting toward the notional amount of swaps, which could lead to registration requirements and fees for a given...

CFTC Unlikely To Close Derivatives Loopholes Used by Wall Street

The U.S. Commodity Futures Trading Commission (CFTC) is unlikely to close foreign loopholes used by Wall Street to help its offshore clients evade new rules governing swaps and the $640 trillion OTC derivatives market. CFTC Issues New Swaps Rules On Nov. 29, the CFTC finalized new rules that bring interest...