ISDA Launches Initiative for a Derivatives Product Identification Standard

The International Swaps and Derivatives Association (ISDA) has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system. ISDA says the system can be applied consistently and comprehensively across all derivatives facilities, including trading venues, clearing houses, repositories and other infrastructures. The project involves a consortium of buy- and […]
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Giancarlo Urges CFTC to Continue With Rulemaking Reform

As the Commodity Futures Trading Commission (CFTC) proposed an amendment that would replace an existing “no-action” letter regarding swaps rules, Commissioner Christopher Giancarlo urged the Commission to continue amending flaws in the Dodd-Frank rule-making process. The Commission has proposed an amendment to the definition of “material terms” for the purposes of portfolio reconciliation performed by […]
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Symphony Agrees Deal With NY Regulator Over Message Data

Symphony, a new messaging service backed by a consortium of major banks, has reached an agreement with the New York State Department of Financial Services (DFS), regarding the record keeping of messages on Symphony’s platform. According to the new agreement Symphony will retain a copy of the chat messages that occur on its platform for […]
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CFTC Approves Bitcoin Exchange’s SEF Registration

The Commodity Futures Trading Commission (CFTC) has approved the application of Bitcoin derivatives exchange, LedgerX, for temporary registration as a swap execution facility (SEF). As a next step, the Commission will undertake a substantive review of LedgerX’s application for full registration. Profit & Loss first reported that the Commission was reviewing LedgerX’s application in December […]
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Pan Named New CFTC Director in OIA

The Commodity Futures Trading Commission (CFTC) chairman, Timothy Massad, has appointed Eric Pan as the agency’s new director of the Office of International Affairs. Pan will join the CFTC to take this position from the Securities and Exchange Commission (SEC), where he serves as the associate director for regulatory policy in its Office of International […]
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Foreign Exchange Working Group Targets May 2016 for Update

The Foreign Exchange Working Group (FXWG), which was established by the Financial Stability Board says that it expects to release a substantial amount of information on the new global code of conduct by May 2016 with a final target date for the completion of the new code expected by May 2017. At a meeting at […]
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FEMR – Another Brick in the Wall?

The UK’s Fair and Effective Markets Review was eagerly awaited and generally well received, but, Colin Lambert asks, has it actually changed anything? If the level of fanfare was directly correlated to the impact of a release, then the UK’s Fair and Effective Markets Review (FEMR) could be thought of as a ground-breaking document. Given […]
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FXPA Meets with Regulators, Policymakers in Washington

Members of the Foreign Exchange Professionals Association (FXPA) spent two days in Washington DC at the end of June meeting with senior members of the Federal Reserve, US Treasury and Commodity Futures Trading Commission (CFTC), as well as held a series of educational briefings for Congressional staffers on such key committees as the House Financial Services […]
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BIS Establishes FX Working Group to Strengthen Code of Conduct Principles

A Foreign Exchange Working Group (FXWG), announced by the Bank for International Settlements (BIS) governors in May to strengthen code of conduct standards and principles in foreign exchange markets, has now been established. The group operates under the auspices of the BIS’ Markets Committee, and is headed by Guy Debelle, assistant governor (financial markets) at the […]
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CFTC Approves New Rules for Retail FX Dealers

The US Commodity Futures Trading Commission (CFTC) has approved a number of rule amendments filed by the National Futures Association (NFA) regarding retail FX trading. The rule amendments will impose additional capital requirements on Forex Dealing Members (FDMs) and require them to collect security deposits for off-exchange FX transactions from eligible contract participant counterparties in […]
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