Extraterritoriality
EU-US split here to stay, exchange heads fear
Eurex's Preuss and CME Group's Gill warn on regulatory asymmetry
Scott O'Malia, it's your fault
Swaps markets have fragmented, and the CFTC commissioner accepts regulation is to blame
CFTC-EC Sef accord 'will not solve liquidity split'
Platforms say divide between US persons and non-US persons will remain
Cross-border vortex: Dealers freeze plans to move staff
Bordering on chaos
OTC break-up may reverse - but only if rules mesh too
Nailing down mercury
Law firm of the year: Davis Polk and Wardwell
Australian trading platform Yieldbroker was snared by the notorious footnote 88 last year. Its lawyers, Davis Polk, found the way out
CFTC cross-border guidance 'has the feel of a rule', lawyers agree
A rule by any other name
CFTC cross-border guidance was not a dodge, says ex-staffer
With CFTC facing new Dodd-Frank lawsuit, former staffer defends agency's guidance – but pans staff letter that expanded its scope
Dispute resolution mechanism needed to resolve regulatory spats – EC’s Pearson
Differences in national regulations need to be ironed out, says Patrick Pearson
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
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
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
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
CCPs in Japan, Mexico, Singapore and US to jump through Esma hoops
Eleven CCPs say they will apply to Esma for approval – sparing European members a capital hit – but Canada's CDCC has no plans to go through the process
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…
Risk on extraterritoriality
The CFTC published its final cross-border rules on July 12. Nick Sawyer and Duncan Wood discuss some of the implications
Esma takes ‘pragmatic’ stance on Emir evasion
Esma seeks to apply Emir overseas only where EU-guaranteed financial entities trade under non-equivalent regimes – while corporates are given free rein
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
Lack of cross-border clarity could be threat to US, says CFTC’s Wetjen
Key CFTC ruling on scope of Dodd-Frank will arrive "very, very close" to July 12 expiry of current exemptive relief, Wetjen warns - and may not be finalised before that date
Substituted compliance requires global oversight, warns Iosco’s Wright
Substituted compliance unlikely to work without a global body to settle disputes, says Iosco secretary-general
Banks eye July 12 exemptive order deadline
A CFTC exemptive order expires in July, meaning new regulations could capture a broader range of clients as US persons
SEC cross-border rules an improvement on CFTC proposals, say lawyers
Narrower US person definition and substituted compliance proposal win praise from market participants