CFTC Staff Propose Amendments to Swaps Reporting Rules

Commissioners at the Commodity Futures Trading Commission (CFTC) have voted in favour of proposals to amend existing swap reporting rules. The changes are designed to provide additional clarity for swap counterparties regarding their reporting obligations for cleared swaps transactions and to improve the efficiency of data collection and maintenance associated with the reporting of the […]
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FX Committees Release Global Preamble

At their recent joint meeting in Tokyo, the global FX committees agreed and released new guidance for market participants, as Colin Lambert reports.  With conduct so high on the FX industry’s agenda, representatives of the eight global FX committees met in Tokyo in late March to agree upon a combined global code of conduct for […]
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FEMR and the Mounting Calls for Time-Stamping FX Trades

Proponents of time-stamping have long highlighted the potential benefits of the practice in helping to en- sure best execution, creating a secure audit trail and potentially countering claims of malpractice in the market. But how practical would it be for banks and the buy side if time stamps were made mandatory for all FX trades […]
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MAT Rules Causing Further Fragmentation: Report

The Made Available to Trade (MAT) rules being introduced by the Commodity Futures Trading Commission (CFTC) are causing further fragmentation of liquidity in the swaps market, according to a new report. The research, published by the International Swaps and Derivatives Association (ISDA), shows that since the MAT rules were introduced on 15 February “USD MAT swap volume increased […]
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UBS First in Line for EU Immunity?

UBS is understood to be in line to receive immunity from any fines imposed by the European Commission as a result of its investigation into alleged manipulation of the FX markets. It was the first of the banks implicated in the probe to approach regulators to offer its cooperation, according to sources cited by Bloomberg. UBS […]
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CFTC Guidance Ratchets Up Tension

Extra-territoriality has rushed back to the top of the regulatory agenda – thanks to the CFTC. Galen Stops reports. In November, the Commodity Futures Trading Commission (CFTC) responded to the widespread confusion amongst market participants regarding the SEF rules by issuing two pieces of guidance. One was regarding the cross-border application of the SEF rules […]
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CFTC in Flux

With political divides, claims of insufficient funding to fulfill its role, a potential shortage of senior staff and a wide array of challenges facing its new chairman, is the CFTC in an even greater state of flux than the markets it regulates? Galen Stops finds out. As the financial services industry continues to undergo dramatic […]
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Rabo Hit with $1 Billion Libor Fine

Dutch giant becomes the latest to settle Libor charges. Colin Lambert reports. Rabobank has become the latest financial markets player to be hit with fines over the London Interbank Offered Rate (Libor) scandal. The Dutch giant faces penalties of more than $1 billion from authorities in the US, UK and Holland. The Commodity Futures Trading […]
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Director of Enforcement Steps Down at CFTC

David Meister, director of the Division of Enforcement at the US Commodity Futures Trading Commission (CFTC) has stepped down from the role. Meister will be replaced by Gretchen Lowe, who is taking the role in an acting capacity. Lowe is currently general counsel in the division, prior to which she was an assistant director of […]
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Massad Leaves US Treasury; Fuels CFTC Top-Job Rumours

Timothy Massad will be stepping down from his post with the US Treasury later this year, furthering speculation that he is in-line to become the next chairman of the Commodity Futures Trading Commission (CFTC). New York Times reports have linked Massad, currently assistant secretary for financial stability at the Treasury, to the role which could […]
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