Dodd-Frank Act
Sefs questioned on plans for erroneous trades
Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants
FX prime brokers continue to shun four-way agreements
Four-way agreements too difficult under Dodd-Frank external business conduct standards, say prime brokers
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
Energy end-users may miss Dodd-Frank reporting deadline
Energy derivatives end-users face uphill struggle to comply with reporting rules when no-action relief expires
Forex Sefs worry clients could be driven to non-Sef rivals
Multi-dealer platforms have to register as Sefs - but clients could choose to use other venues and avoid extra legal work
CFTC-SEC cross-border split could 'tarnish' US swap markets
Regulators "going in two different directions" says Republican senator – and may face fresh calls to be merged
Unclear on substituted compliance
The US Commodity Futures Trading Commission’s final cross-border guidance, published on July 12, provides answers to some long-running puzzles, but also generates a host of new questions. Critics say the rules are rushed and full of ambiguities – not…
Risk on extraterritoriality
The CFTC published its final cross-border rules on July 12. Nick Sawyer and Duncan Wood discuss some of the implications
CFTC cross-border guidelines give US banks in Singapore swap trade booking quandary
Singapore dollar trade potentially hit by US person rule
Singapore's absence from CFTC substituted compliance regime creates uncertainty
Treatment of Singapore-based branches of US firms unclear
CFTC cross-border rules slammed as ‘rushed’
The CFTC appears to make some concessions in its cross-border rules, but critics question how substituted compliance will work, and claim the overall framework has been rushed
CFTC-EC ‘stricter-rule applies’ cross-border agreement worries market
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime
BP registers as swap dealer
BP registers its US-based energy trading subsidiary as a swap dealer, becoming the first oil and gas major to opt for dealer status under Dodd-Frank
‘Sef-lite’ environment remains confusing for platforms
Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities
Prudential Financial Sifi appeal ‘futile’
US insurers face re-designation if initial determination overturned
CFTC bows to agency desk concerns with further relief letter
In a time-limited relief letter issued last week, the CFTC recognises concerns expressed by agency firms over the implications of the external business conduct rules
Sefs worry MAT rules will create ‘race to the bottom’
Tradeweb and other would-be Sefs say they have been given too much power to decide which swaps are mandated to trade on platforms
Lack of cross-border clarity could be threat to US, says CFTC’s Wetjen
Key CFTC ruling on scope of Dodd-Frank will arrive "very, very close" to July 12 expiry of current exemptive relief, Wetjen warns - and may not be finalised before that date
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
NAIC warns against Federal Insurance Office 'mission creep'
FIO must not become an insurance regulator, says NAIC chief
Futurisation dooms energy swap execution facilities
The US Dodd-Frank Act envisioned a new type of trading venue for over-the-counter derivatives, known as swap execution facilities (Sefs). But in the energy markets, at least, it appears Sefs are dead and traditional futures exchanges have emerged…
CFTC's Chilton blasts exchanges on block thresholds
Commissioner says lowering futures block trade thresholds skirts the intent of Dodd-Frank
Fears of disjointed regulation of systemically risky insurers grow
Harmonisation of US and global systemic risk frameworks needed as US proposes first Sifis, warns industry think tank
Fails could jump as category two clearing starts in US, FCMs warn
Hundreds more firms will be required to start clearing in the US today, and FCMs are warning there could be an increase in rejected trades as a result