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December 8, 2013

Weekly Roundup | US & General Regulation | 9 December 2013

The CFTC

Big Banks Look to Reverse New CFTC Rules

According to the New York Post, several of the US’s largest banks plan to sue the Commodity Futures Trading Commission (CFTC) over some of the new rules it has been implementing. CFTC Law: Big Banks Look to Reverse New CFTC Rules.

Footnote 513 – the Empire Strikes Back

A consortium of finance trade bodies have mounted a legal challenge to the CFTC’s Cross-Border Interpretive Guidance. ISDA, SIFMA and the Institute of International Bankers (IIB) yesterday filed suit in the District of Columbia. Regulatory Reform: Footnote 513 – the Empire Strikes Back.

Moving the Goalposts: How Does the CFTC’s Recent Announcement Change the Game for Non-US Swaps Businesses?

The OTC trading space is being kept on its toes by the Commodities and Futures Trading Commission (CFTC); recent developments mean that more market participants worldwide are in scope of US derivatives rules than ever before. RegTechFS: Moving the Goalposts: How Does the CFTC’s Recent Announcement Change the Game for Non-US Swaps Businesses?

ET Call Home | Further CFTC Prevarication

Chairman Gensler recently pushed out guidance that trades booked between two non-US person entities but arranged, negotiated or executed by US personnel would be subject to CFTC regulations (as well as of course being subject to local regulations in the jurisdiction of the booking entities). The OTC Space: ET Call Home | Further CFTC Prevarication.

Commissioner O’Malia on the CFTC: More Technology, Less Insanity

According to Automatedtrader.net, the Commodity Futures Trading Commission’s Scott O’Malia is hoping to see some changes to the CFTC over the next year. CFTC Law: Commissioner O’Malia on the CFTC: More Technology, Less Insanity.

Other US Regulation

The Volcker Rule- Gary Gensler’s Goodbye Kiss

Four of the five regulatory agencies needed to enact the Volcker Rule are voting on the 10th December 2013. The SEC has said it will vote on or near the same date. Regulatory Reform: The Volcker Rule- Gary Gensler’s Goodbye Kiss.

SEC Extends Interim CDS Portfolio Margin Rule

Buy-side firms angry about continuing margin disparity – and uncertainty. Risk: SEC Extends Interim CDS Portfolio Margin Rule.

Is the Price of Margin Protection Too High?

New margin segregation rules in the US are heaping costs on the sell-side but does that not make the reforms bad for clients asks Dan Barnes? Futures & Options World: Is the Price of Margin Protection Too High?

General Regulatory News

Review of 2013: Grave New World

From collapsing equity repo rates to footnote 88, and from the leverage ratio to new clearing house liquidity rules, the year has been full of surprises, many of them unpleasant. By the end of 2013, an industry that had seemed to be back on its feet was finding out how much more it has to do. Risk staff round up the biggest stories of 2013: Review of 2013: Grave New World.

Cross-Border Chaos Dogs Derivatives Rules

One of the constants lurking in the background of the G20 mandate to overhaul derivatives markets is how differing local regulatory interpretations of the same mandate would mesh together. FT: Cross-Border Chaos Dogs Derivatives Rules.

Regulation With a Clap of Thunder and a Massive Hammer

Thor, the Norse god, is a remarkable and timely metaphor for modern regulatory practice: protect the system first, the system’s participants second, and remember to carry a big hammer. Tabb Forum: Regulation With a Clap of Thunder and a Massive Hammer.


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