The CFTC

CFTC to Shake Up US Swaps Trading Market

New guidance from the main US regulator of privately negotiated derivatives is set to test the business models of interdealer brokers, who have long played a crucial intermediary role between global banks. FT: CFTC to Shake Up US Swaps Trading Market.

CFTC Opens Door to Agency Bank Swaps Model

Newly-issued guidance from the CFTC has given the nod to an agency-style business model for dealers in over-the-counter derivatives that will dramatically alter the way banks interact with clients and profit from swaps trading. IFR Asia: CFTC Opens Door to Agency Bank Swaps Model.

 Gensler Defends Swaps Rules Shake-Up

Leading US markets regulator Gary Gensler used his last speech to an annual conference of interdealer brokers to defend his agency’s controversial swaps rules. FT:  Gensler Defends Swaps Rules Shake-Up. FT:  Gensler Defends Swaps Rules Shake-Up.

Gary Gensler's Remarks – CFTC Press Releases

• At the Swap Execution Facility Conference: Bringing Transparency and Access to Markets
• At the CME Global Financial Leadership Conference.

Swap Guidance Draws GOP Rebuke

A memo on financial trades from the Commodity Futures Trading Commission prompted blowback from the Republican chairman of the House Financial Services Committee, who on Friday warned the agency missive would bring economic uncertainty to the market. The Hill: Swap Guidance Draws GOP Rebuke.

Impartial Access: The CFTC Isn’t Messing Around This Time

The CFTC issued a slew of new guidance and rules last week, two of them particularly interesting and impactful. Kevin On The Street: Impartial Access: The CFTC Isn’t Messing Around This Time.

Keeping SEF Doors Open

The CFTC has come out strongly in defense of the open, impartial nature of SEFs, emphasizing fairness, impartiality and transparency. Fidessa's Regulation Matters blog:  Keeping SEF Doors Open.

Bloomberg, MarketAxess, Tradeweb Not Complying with Sef Rules – Gensler

Sefs "have to come into compliance" with Dodd-Frank rules requiring platforms to provide impartial access, says CFTC chairman. Risk: Bloomberg, MarketAxess, Tradeweb Not Complying with Sef Rules – Gensler.

CFTC Unveils New Weekly Swaps Report

The U.S. Commodity Futures Trading Commission (CFTC) unveiled its new weekly swaps report on Wednesday, as part of a series of mandates to reign in the multitrillion-dollar derivatives market.

• Reuters: CFTC Unveils New Weekly Swaps Report
• CFTC Press Release: CFTC Announces Weekly Swaps Report.

CFTC Swaps Report- Mission Accomplished-‘ish..

The CFTC yesterday released its inaugural weekly swaps report, an important step in fulfilling its mandate to bring transparency to derivatives markets. Regulatory Reform blog: CFTC Swaps Report- Mission Accomplished-‘ish..

Wall Street Pushes Back on CFTC’s Advisory for Overseas Swaps

The largest Wall Street banks are mobilizing to fight a new policy by the U.S. Commodity Futures Trading Commission that gives the regulator broader authority in overseas derivatives deals. Bloomberg: Wall Street Pushes Back on CFTC’s Advisory for Overseas Swaps.

 EU Says Gensler Swaps Rule Clashes With Trans-Atlantic Pact

European Union regulators accused the U.S. Commodity Futures Trading Commission of reneging on a trans-Atlantic pact on swaps regulation, saying new curbs on EU-based units of U.S. banks clash with efforts to align rules. Bloomberg:  EU Says Gensler Swaps Rule Clashes With Trans-Atlantic Pact.

Other US Regulation

Derivatives Reform Is a Thorny Rose

For those who feared that the derivatives industry had had its fill of regulatory debate, there is still plenty of fodder for discussion as the process of Dodd-Frank implementation rolls on. Tabb Forum: Derivatives Reform Is a Thorny Rose.

Obama Nominee a Mystery Man on Hill

Lawmakers in both parties are lining up questions for Timothy Massad, who has been tapped by the president to oversee a key financial regulator. The Hill: Obama Nominee a Mystery Man on Hill.

Winding Down Fannie and Freddie

It has been five years since Lehman Brothers collapsed and longer since the US subprime bubble burst. Yet plans to reform Fannie Mae and Freddie Mac – the government-sponsored behemoths that underwrite the US housing market – are little nearer to completion.  FT: Winding Down Fannie and Freddie.