Commodity Futures Trading Commission (CFTC)
Dodd-Frank commodity option rules sow confusion among energy firms
Confusion over CFTC rules is tying US energy firms in knots, as they struggle to determine whether their physically settled commodity options need to comply with critical rules issued under the US Dodd-Frank Act. Alexander Osipovich reports
Asic temporarily exempts Australian banks from non-CFTC trade reporting requirements
Australian industry needs additional time to set up trade reporting infrastructure
CFTC substituted compliance process not clear enough – Risk.net poll
The majority of respondents to a Risk.net poll say they do not understand how CFTC substituted compliance determinations will be made
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
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Options platforms will miss Sef application deadline
Digital Vega and SurfacExchange do not expect to meet the CFTC's October 2 deadline to register as Sefs
Cross-border stricter-rule-applies approach causing confusion
Global regulators have agreed to cooperate when implementing new derivatives rules on a cross-border basis, but market participants are unsure as to how this will work in practice
More co-operation needed to avoid footnote 88 fallout
More regulatory co-operation is needed to ensure footnote 88 doesn’t hurt liquidity inside and outside the US
Sefs: Ready or not, here they come
Ready or not, here they come
Officials blindsided by CFTC's Sef footnote 88, says Ferber
Senior MEP says officials from US and Europe only recognised dangers of Sef rules footnote in recent weeks
Icap fined $87.4m for Libor manipulation as brokers charged
CFTC and FCA impose fines of $65 million and £14 million
JP Morgan fined $920m over 'woefully deficient' London Whale controls
UK and US authorities fine bank over $6.2 billion trading losses in July 2012
First substituted compliance determinations by year-end, says Gensler
CFTC chairman confident that first entity-level determinations will be complete by December 21, but is less certain about transaction-level requirements
Gensler not ruling out targeted Sef relief
CFTC chairman recognises difficulty in meeting October 2 Sef deadline, but says platforms need to be targeted in requests
Non-US clients shun US bank foreign branches
Non-US customers are refusing to trade with foreign branches of US banks ahead of an October 9 clearing deadline. Uncertainty over whether these entities are ‘bona fide’ foreign branches has added to the problems
CFTC appoints director of market oversight division
Vincent McGonagle to replace acting director Richard Shilts
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
Pressure mounts on CFTC for relief on Sef rules
CFTC is being lobbied to grant relief on the contentious Footnote 88, which requires platforms to register as Sefs even if the products they offer are not yet made available to trade
FX prime brokers continue to shun four-way agreements
Four-way agreements too difficult under Dodd-Frank external business conduct standards, say prime brokers
Risk interdealer rankings 2013: Brokers
Steeled for consolidation
European CCP rules stricter than US, says Eurex Clearing chief
Thomas Book, chief executive of Eurex Clearing, says it remains to be seen whether the standards for central counterparties set in Europe will be matched around the globe
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
Head oil trader leaves Barclays
Senior energy trader exits JP Morgan; New Morgan Stanley gas origination team; Giancarlo nominated for CFTC role; Costantino joins Cargill; Noble nabs Shell power trader