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.
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
US non-bank Sifi process 'flawed' and 'unsupportable' say designating body members
Prudential Financial designation raises concerns assessment criteria not fit for purpose
ECB’s Russo speaks on CCP policy
Daniela Russo, Director General Payments & Market Infrastructure at the European Central Bank, talks about regulation affecting the operation of central counterparties for OTC derivatives transactions
Conference condemns Dodd-Frank limits on intervention
2010 reform act robbed the US authorities of the powers it used to fight crisis, conference hears
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
Non-US platforms shun US banks over Sef rules headache
Isda conference in New York hears some trading platforms outside the US are turning away US persons to avoid registering as a Sef
New derivatives rules push global banks to form subsidiaries
Structural issues
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
KfW justifies exemptions from Emir
German government-owned development bank KfW managed to win an exemption from clearing and margin requirements under European derivatives regulation - a benefit not extended to its peers. Luke Clancy asks why
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
Hedge funds’ registered AUM tops $4 trillion according to SEC data
The Securities and Exchange Commission has reported data collected under Dodd-Frank showing total regulatory AUM, which includes financial leverage, for hedge funds is over $4 trillion
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
Singapore faces double-oversight confusion
Servant of two masters
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…
Digital Vega to add non-deliverable options to Medusa
NDOs in testing on Medusa platform as some market participants begin to consider alternatives to deliverable FX options that could be more easily cleared
Paloma’s Sussman forecasts growth for hedge fund industry
Promise to deliver
Profile: Standard Chartered's Feder on Singapore benchmark changes
A charter for change
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-EC ‘stricter-rule applies’ cross-border agreement worries market
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime
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
Reconciliation + regulation = complication
Incoming rules on portfolio reconciliation could encourage many derivatives users to outsource the process. But it’s not a simple short cut, warn Mike Pierides and Alistair Charleton of Pillsbury Winthrop Shaw Pittman
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