Dodd-Frank Act
Benchmark overhaul brings substantial improvement, says Lenny Feder
In the aftermath of the Libor scandal, Singapore’s financial industry has opted to overhaul its existing benchmarks to focus on transaction data
Credit hubs vie to increase Sef and FCM participation
Several banks and platforms have backed both of the new pre-trade credit hubs that handle credit screening and clearing certainty, but MarkitServ and Traiana are now locked in a race to sign up more participants
Sef regime begins, but platforms concerned over 'permitted' rule
Multi-dealer platforms are worried that, although they have to register as Sefs now, clients might be deterred from using them until they have to
Dion rolls out RFQ system for FX options
Technology vendor aims to help clients, particularly second-tier banks, meet new regulatory requirements for options
Volcker rule is driving reluctance to hold risk, warn currency managers
US banks are holding less risk as they prepare for the requirements of the Volcker rule, leading to more short-term volatility and less liquidity in some currencies
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
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable FX products, Mandy Lam of the global FX division suggests more products could become financially settled in the future
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
Options platform of the year: Digital Vega
Despite the challenges faced by multibank options platforms as a result of delays in regulation, Digital Vega has managed to build consistent liquidity on its Medusa platform
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
‘Sef-lite’ environment remains confusing for platforms
Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities
Thomson Reuters acquires Tradeweb FX options platform
Clients of the Tradeweb platform will migrate to FXall where they will get "more diverse access to liquidity", says chief executive Lee Olesky
Options platforms struggling with dearth of liquidity takers
Some FX options platforms have struggled to gain traction in a new and untested market, but banks say the problem is one of low demand for, rather than provision of, liquidity
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
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
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
Banks struggling with European reporting rules
Reporting infrastructure built to fulfil Dodd-Frank requirements will need to be revamped to meet Emir standards, say banks
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