Articles by Peter Madigan
Risk USA: Foreign banks cannot escape swap dealer status, warns CFTC's Barnett
The "day will come" when CFTC tries to ensure compliance by foreign banks that have not registered as swap dealers
Sefs, shutdowns and no-action confusion
The new Sef trading regime came into force on October 2, but a flurry of last-minute no-action letters has left platforms confused – and there is no one at the CFTC to answer their questions. Peter Madigan reports
After three months, Ice CDS index future has less than 70 open contracts
Launched with a fanfare earlier this year, trading in Ice’s new credit index future has since stalled. Critics say it is dead, but its backers argue it is too soon to write the contract off. Peter Madigan reports
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
Sefs: Ready or not, here they come
Ready or not, here they come
Sef execution agreement requirement angers buy side
Buy-side firms complain about the documentation burden ahead of the October 2 Sef deadline
Clearing certainty: Hubs hit heavy weather
Unclear over clearing hubs
CDS licence approvals too slow, Sefs claim
Sefs claim their applications for licences to offer single-name and index CDSs are moving at a glacial pace – echoing allegations made by the European Commission
Sefs and exchanges echo EC's CDS licence complaints
Abuse of power?
Hubs will not fix clearing certainty issue, critics claim
Rival services from Markit and Traiana are gaining support, but detractors claim the hubs could be made redundant by CCP credit checks
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…
Swap push-out law correction still needed despite Fed fix
Banks call for legislative action to fix section 716 of the Dodd-Frank Act, despite a move from the Fed to even up the treatment of foreign and domestic banks
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
Lawyers slam CFTC's "mindboggling" probe of EFS market it helped set up
The US Commodity Futures Trading Commission (CFTC) tried to regulate exchange of futures for swaps (EFS) transactions in 2004 and again in 2008. Then it tried to ban contingent EFS in 2010. All these attempts failed. Now the CFTC is investigating EFS…
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
Too much power: Sefs warn on 'available to trade' rules
Final execution rules in the US have given swap execution facilities the power to determine what products they will be allowed to trade. The entire industry appears to agree this is a terrible idea – including the trading venues themselves. Peter Madigan…
OTC Derivatives Clearing Summit: Capital burdens could weigh on swap futures
Lower margin levels for swap futures could drive up risk-weighted assets for dealers, and erode the product's advantage, panellists argue
OTC Derivatives Clearing Summit: SEC, Fed promise reform progress
Supervisors respond to buy-side fears of multiple regulatory masters
Volcker: Regulatory split creates ‘indecision and stalemate’
Division of financial supervision among US agencies is impeding Dodd-Frank reforms, says ex-Fed chairman
Swaps push-out: Banks hoping for Fed fix
Will Fed fix 716?
CFTC misusing Dodd-Frank to expand its role, says CME's Duffy
CME chief accuses regulator of overreaching, as line-up of industry figures attacks Dodd-Frank rules