Tag: Bank of America

Bank of America

LCH Processes First Sonia/SOFR Cross Currency Basis Swap

LCH SwapAgent, a service for non-cleared cross currency swap markets, says it has registered its first Sonia/SOFR cross-currency basis swap. The GBP/USD basis swap was executed between LCH SwapAgent members Bank of America and Lloyds Bank Corporate Markets. The trade was completed ahead of the upcoming discounting and price alignment interest transition to USD SOFR at […]

Global Fund Manager Survey: Recession Fears Dominate

In April, Global Investors Extremely Pessimistic Re World Growth Recession fears dominated in April, with global investors extremely pessimistic about world growth prospects in the wake of the spread of COVID-19, according to the findings of Bank of America (BofA) Global Research’s monthly fund manager survey, released Tuesday. A record net 93% of portfolio managers […]

Federal Reserve Terminates BofA FX Action

The US Federal Reserve has announced it is terminating its 2015 enforcement action against Bank of America for unsound practices in its FX business that led to the bank paying a $205 million fine. The termination, which took place on November 22 but was only announced December 3, ends a saga that started following a […]

Report: How Banks Are Avoiding Dodd-Frank Swaps Rules

A new report warns that US banks are using an obscure regulatory footnote to circumvent the swaps market provisions contained within Dodd-Frank.

The report was written by Michael Greenberger, a professor at the Maryland Carey School of Law and a former director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC), who has also served as counselor to the United States Attorney General in 1999 and as the US Justice Department’s Principal Deputy Associate Attorney General. It was published by the Institute for New Economic Thinking (INET).