Dodd-Frank Act
WHAT IS THIS? Properly known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, this controversial US legislative package enacted a host of reforms agreed by the G20 nations in the aftermath of the financial crisis, including rules on the clearing, execution and reporting of standardised swaps. It also introduced the Volcker rule ban on proprietary trading by banks, and a new way of liquidating big institutions.
Dodd-Frank special report
Energy Risk looks in detail at the US Dodd-Frank Act and its implications for commodity and energy market participants
Sefs cause two-tier market as Asia OTC liquidity splits
Divide and rule
Javelin Capital Markets: The gate-crasher
The countdown to mandatory trading on swap execution facilities started last month when Javelin Capital Markets became the first Sef to file a product list with US regulators. Its chief executive, Jamie Cawley, tells Peter Madigan why market participants…
Cross-border OTC reforms: No path forward
Without working European rules, a system of equivalence testing will fall flat
Napier Park exploiting Volcker opportunities
Hedge fund Houdinis
Asia Risk Congress: Asian dealers switch to London venues following Sef introduction
Sef rules are leading to regulatory arbitrage according to Asia industry players
Collateral management survey 2013: collateral concerns grow
Insurance Risk’s second collateral management survey in conjunction with BNY Mellon finds more insurers are taking steps to prepare for new derivatives regulation, but concerns about collateral availability are mounting
Isda – understanding the impact of Emir/Dodd-Frank protocols on Asia
Europe and the US have launched a number of initiatives as part of their drive to regulate the OTC derivatives markets. Jacqueline Low from the International Swaps and Derivatives Association explains how the organisation has responded with a series of…
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
Risk USA: Few options to manage CCP exposure, says RBS chief credit officer
Senior executives at RBS have weighed up the bank's potential exposure to CCPs
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
A plea for certainty in regulation
Clear and unambiguous rules have the potential to satisfy advocates of sterner regulation, as well as regulated firms
Shell unit seeks to register as swap dealer
Shell becomes second energy company to seek swap dealer status under Dodd-Frank
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
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
US broker-dealers face higher costs from new customer care standard
Uniform fiduciary standard may raise the bar for investment advisers and broker-dealers
Energy Risk Europe: Commodity derivatives rules flawed, says SEB’s Iwarson
Derivatives regulation will impede attempts by banks to compete and do lasting damage to European market, says founder of SEB’s commodity business
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
Clearing: Third time lucky
The third US clearing deadline caused relatively little fuss. But the problems that emerged ahead of the first two deadlines haven’t entirely been solved, and some firms sought to postpone their first cleared transactions. Joe Rennison 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
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