The EU and the CFTC have announced that they will be working together in their implementation of cross-border regulation, after talks in Washington.
The European Union’s plan to quell big banks’ proprietary trading has been met with criticism from French banking lobbyists who say it will give an advantage to US banks, which would not be affected by the new rules.
The certification means that certain swaps handled by both TrueEx and Tradeweb will now fall under the trade execution mandate, and will now have to be traded over swap execution facilities (SEFs).
The CFTC will be putting together a group to review its swap report data collection process, as well as ensure that banks and other financial institutions are reporting and keeping records that are on par with the rules the Commission has put in place.
Interestingly, with Bart Chilton leaving the CFTC soon, this will mark the first time the CFTC, originally created to monitor commodity trading and hedging within the agricultural industry, will be without a chairman or commissioner with a background in agriculture.
With this approval, the Singapore Exchange can now offer US traders local clearing services for products like iron ore swaps, interest rate swaps and non-deliverable foreign exchange forwards.
According to Bloomberg, President Obama has selected securities lawyer Sharon Y. Bowen to replace Bart Chilton as CFTC commissioner. The news comes on the heels of Commissioner Mark P. Wetjen being voted in by fellow…
According to the Wall Street Journal, the Commodity Futures Trading Commission may be looking to force the derivatives trading rules the Commission has implemented in the US onto foreign markets. The CFTC had agreed to…
As the year comes to an end, so will the term for current Commodity Futures Trading Commission chairman Gary Gensler, according to Bloomberg, commissioner Mark P. Wetjen will be temporarily taking his place. Though Obama…
The Commodity Futures Trading Commission’s Scott O’Malia is hoping to see some changes to the CFTC over the next year.