Banks Receive Extension on Risky Swaps Rule

The Wall Street Journal reports that seven banks have received extensions on complying with the rule that would require them to “move risky swap activities into separate affiliates.” The Office of the Comptroller of the Currency granted the two year extensions to Bank of America Corp., J.P. Morgan Chase...

Investor Groups Support Dodd-Frank Act Regarding Mineral Laws

More than 50 investor groups released a statement expressing their disagreement with the lawsuit filed against the Securities and Exchange Commission (SEC) by the U.S. Chamber of Commerce, the National Association of Manufacturers, and the Business Roundtable.  The lawsuit is in regards to the section of...

CFTC Asked to Delay Expiration of Swaps Rules Exemption

The E.U. has asked for a delay in the enforcement of new swaps rules set to take effect on July 12, when the exemptions for overseas banks of the Dodd-Frank Act expire. In a report by Bloomberg.com, the European Commission addressed Gary Gensler, the head of the U.S. Commodity Futures Trading Commission. The...

SEC and CFTC Heads Don’t See Eye to Eye

Chairman of the CFTC, Gary Gensler’s final guidance proposal would call for an expansion of the CFTC’s power to regulate foreign branches of U.S. based banks and in certain situations, foreign banks as well. This proposed expansion pertains to the U.S. swaps market; if one party happens to be an...

CFTC to Investigate EFS trades in Energy and Metal Markets

The Commodity Futures Trading Commision (CFTC) is investigating a large number of trades in energy and metal markets to determine whether traders illegally used over-the-counter swaps markets to trade futures. According to Reuters, the CFTC has asked the largest banks for data going back to 2010 as part of...

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...

CFTC Considering Lower Price Quote Requirement for Dodd-Frank Swap Rule

The Commodity Futures Trading Commission (CFTC) is reportedly contemplating lowering the number of price quotes a buyer is required to request before trading swaps. According to Bloomberg News, three people briefed on the matter, who requested anonymity because the rule is still under consideration,...

U.S. Treasury Advises Against Dodd-Frank Alterations

The U.S. Treasury Department is opposing a number of proposals that would alter new derivatives regulations in the Dodd- Frank Wall Street Reform Act. Jack Lew, the Treasury Secretary, urged lawmakers against altering the Dodd-Frank Act in a letter addressed to House Financial Services Committee Chairman Jeb...

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...

CFTC May Face Legal Challenge from Bloomberg

The CFTC is facing threats of legal action from Bloomberg over the differences in the proposed treatment of swaps and swap-futures margins. Bloomberg is preparing to launch a swap execution facility (SEF), or a trading venue that will offer trading in standardized swap instruments, which is regulated by the...
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