Articles by Peter Madigan
CFTC braced for litigation over swap reporting showdown
Rule 1001 would route trades cleared at CME exclusively into its swap data repository. The Depository Trust & Clearing Corporation claims the rule is a ruse to skirt Commodity Futures Trading Commission rules and monetise swap data. Now the lawyers are…
Legally blind: Huge settlements overwhelm op risk models
Legally blind
Ice-NYSE Euronext: Good or bad for margin offsets?
Merger margins
Sef rules could be finalised by mid-February, says O’Malia
Swap execution facility rules could be finalised in weeks, but CFTC commissioner gives little away on the detail
DTCC threatens lawsuit over CME SDR plan
Depository Trust & Clearing Corporation could take legal action to stop proposed rule that would force CME clearing customers to report to its own SDR
FASB to consider adding OIS rate as hedge accounting benchmark
Industry says action is imperative as hedges could be rendered ineffective by the market's switch to OIS discounting
Risk USA: Cross-border conflicts could leave firms unable to comply
Hedge fund CQS warns US persons definition will make compliance more difficult - or even impossible
Risk USA: CFTC should allow voice trading for Sefs, says Chilton
CFTC commissioner also hints that 15-second rule will be amended - and says final cross-border rules will include a new definition of ‘US person’
Risk USA: Regulators called on to restrict loan modelling choices
Less modelling freedom makes sense, says loan data expert – and the alternatives would be far worse
Risk USA: Margin for OTC products is too high, says Pimco's De Leon
New rules would see OTC markets over-margined, while futures may be under-margined - and there could be systemic implications
CFTC facing struggle to revive commodity position limits
Limited appeal
The CFTC's to-do list: 14 rules to go, from Sefs to Volcker
The CFTC’s to-do list from Sefs to Volcker
CFTC 'way off' in estimates of position limit costs
Regulator estimated first-round costs at $100,000 - but some dealers claim to have spent $750,000
CFTC still facing tough to-do list
Regulator has finalised 39 rules but 14 remain at proposal stage - including six that have been outstanding for more than 500 days
Section 716: The do-nothing approach
The do-nothing approach
Court ruling may be death of CFTC’s position limits
Experts say appeal is unlikely – and CFTC must prove commodity market speculation before re-proposing limits
Ice move from swaps to futures unlikely to be last, says O’Malia
The decision by Ice to speed up the transition of its cleared OTC energy contracts to futures reflects regulatory uncertainty, and is likely to be replicated by other exchanges, says CFTC commissioner
OTC Derivatives Clearing Summit: Buy side bemoans ‘lowest common denominator’ treatment
Pension and insurance firms complain CCPs treat them the same as hedge funds
OTC Derivatives Clearing Summit: Nearly a third of uncleared CDS are clearing-eligible
SEC study finds large portion of clearing-eligible CDS still trading bilaterally
Fingerprint, aggregation fears hit swap dealer countdown
Prints and be damned
CFTC-SEC swap ruling starts Dodd-Frank compliance race
Publication of swap rule will mark start of 60-day countdown to compliance with registration, reporting rules. Industry will find it "quite challenging" warns CFTC's O'Malia
Cost-benefit defeat weighing on "gun-shy" SEC
Slowly but surely
CFTC relaxes cross-border rules after commissioner backlash
Chairman Gensler is understood to have relented on ‘substituted compliance’ in order to pass the proposed guidance