Commodity Futures Trading Commission (CFTC)
Perspectives on 2014: James Kemp, global FX division
As the regulatory pendulum shifts from the US to Europe next year, there will be new challenges ahead, particularly as new trade reporting requirements come into force in February, says James Kemp, managing director of the GFMA’s global FX division
Sefs battle with confirmations after CFTC relief expires
A second no-action relief period that exempted Sefs from issuing confirmations expired on November 29, leaving FX traders unsure whether Sefs can handle the requirement
GFI completes rise to first place in currency options
GFI Group rises from second place in last year's survey to win best broker for currency options
Credit Suisse loses two in FX sales
Other moves at Société Générale Corporate and Investment Banking, the CFTC and BAML
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
Dialogue needed on Sef confirmations - GFXD
Following a further CFTC extension for Sef confirmation requirements until November 29, the global FX division stresses the need for dialogue and co-operation with regulators over the next month if the deadline is to be met
Expiry of Sef confirmation relief causes unrest among dealers
Swap execution facilities have only until October 30 before they have to issue legal confirmations for trades, but dealers remain uneasy about their ability to do so
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
Chaotic birth of Sefs drives NDF trading off platforms
The first two weeks of Sef trading have seen some trading volume in non-deliverable forwards migrate to single-dealer platforms and voice brokers to avoid the rules
Future of agency FX depends on size, says Chapdelaine chief
Douglas Borthwick, FX manager at Tullett Prebon's Chapdelaine agency desk, believes recent regulatory challenges show that size will be the key factor for agency intermediaries
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
Confusion reigns at dawn of Sef era, say participants
There is still uncertainty over the exact scope of no-action relief issued by the CFTC, and traders warn the same challenges will remain when the relief expires on October 30
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
Meet the Sefs
The weeks leading up to the October 2 deadline for registration as a swap execution facility (Sef) under the US Dodd-Frank Act have seen a wave of new platforms receive approval from the Commodity Futures Trading Commission (CFTC). Robert Mackenzie Smith…
Deconstructing the Sef ‘car crash'
With days to go until approved swap execution facilities are set to open for business, the CFTC would do well to heed some of the warnings it is hearing from the industry
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
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
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
Client on-boarding a challenge for Sefs
Icap is the latest firm to apply for Sef status, but the challenge for new platforms will be to on-board clients by the October 2 compliance deadline
High-frequency traders face up to regulatory clampdown
Regulators have set their sights on high-frequency trading, but some participants believe the industry is already changing
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
Goldman Sachs hires in FX sales and trading
New hires at Goldman Sachs and Commerzbank while HSBC's prime-brokerage head relocates to Asia
Industry set to miss CFTC deadline on intermediated FXPB
The deadline for FX agency desks and prime brokers to find a solution to the allocation of Dodd-Frank external business conduct responsibilities expires today
CFTC cross-border rules slammed as ‘rushed’
The CFTC appears to have made some concessions in its cross-border rules, but critics question how substituted compliance will work, and claim the overall framework has been rushed