Commodity Futures Trading Commission (CFTC)
CFTC-EC cross-border agreement causes concern
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime, and regulators have still not fully aligned on treatment of FX swaps
CFTC bows to agency desk concerns with further relief letter
In a time-limited relief letter issued yesterday, the CFTC recognises concerns expressed by agency firms over the implications of the external business conduct rules
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
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
Brokers concerned by 15-second rule for Sefs
CFTC's 15-second crossing delay rule for Sefs could put participants in a risky position and make it more difficult to use a voice broker, dealers warn
FX agency model under threat from CFTC business conduct rules
Uncertainty around the scope of the relief granted by an April 30 no-action letter has led prime brokers to limit their executing brokers to principals for non-spot transactions, threatening the agency model in the US
Rolling spot is a swap in retail market, says CFTC’s Chilton
Bart Chilton confirms rolling spot transactions in the retail market renders the contract a swap under the Dodd-Frank Act, but definitions still unclear in institutional FX
Questions remain over finer details of Sef rules
The countdown to compliance with the Sef rules has begun following their entry in the Federal Register, but some platforms still have questions over the proposed model for a Sef
CFTC files complaint against Banc de Binary for breaching off-exchange options trading ban
Regulator gets tough on online brokers of off-exchange options brokers
FX prime brokers forced to terminate double give-up trades
Prime brokers have had to cancel four-way agreements for trades involving two buy-side firms, on the basis that a no-action letter issued by the CFTC on April 30 did not cover this type of business
Volcker: Regulatory split creates ‘indecision and stalemate’
Division of financial supervision among US agencies is impeding Dodd-Frank reforms, says ex-Fed chairman
FCStone fined $1.5 million for risk controls failings
Futures broker suffers $127 million in losses following risk management failing in client account
Final Sef rules raise more questions
Market surprised by change to swap execution facility rules, after final requirements were approved on May 16
CFTC misusing Dodd-Frank to expand its role, says CME's Duffy
CME chief accuses regulator of overreaching, as line-up of industry figures attacks Dodd-Frank rules
Swap dealers struggle with Isda protocol compliance
Failure to meet deadline for earlier protocol puts banks on the back foot for compliance with next round of rules
Market relief as CFTC approves final Sef rules
Request-for-quote rules are watered down and voice broking allowed to continue under final Sef rules from the CFTC
CFTC issues reprieve on mid-market disclosure
CFTC issues no-action letters on certain external business conduct standards under Dodd-Frank, but some participants say the relief has come too late
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
CFTC investigates breaches of 60-second clearing rule
Commissioner O'Malia says agency has requested data from FCMs – Risk reported last month that some firms had broken rule 1.74
FX prime brokers welcome CFTC relief
CFTC provides last-minute relief for FX prime brokers, having listened to arguments that the market could be seriously impeded by business conduct rules
Icap: Sefs could lead to ‘sub-optimal hedging’
Moving NDFs to trade on Sefs could mean less hedging at longer end of the curve, says senior executive at Icap
Traiana launches swap data repository reporting hub
Harmony TR connect provides a single point for connection to the DTCC's swap data reporting systems and other trade repositories
FX Invest North America: Extent of FX exemption still unclear
The US Treasury has exempted FX swaps and forwards from mandatory clearing and reporting requirements, but the extent of the carve-out is still uncertain, panellists at FX Invest North America warned
FX Invest North America: Platform proliferation creates buy-side headache, say panellists
An overcrowded market will lead to platform consolidation, but it is too difficult to predict which venues will survive