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SEFCON

Margin Deadline Could Lead to Swaps Market Disruption

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The swaps market could suffer disruption if buy side trading firms aren’t ready for the March 1 deadline for the implementation of new margin requirement rules, speakers at SefCon VII warned.

Although buy side firms will not have to post initial margin for uncleared swaps transactions until 2019 or 2020, from March 1, 2017 they will be required to post variation margin when trading these products.

The main challenge highlighted by buy side speakers at the SefCon VII conference in New York on January 18 was the administrative burden of having the correct paperwork and documentation agreed with various counterparties.

Buy Side Calls for Swaps Trading Innovation

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Representatives of buy side firms called for greater innovation and flexibility around swaps execution at the SefCon VII event in New York on January 18, hosted by the Wholesale Markets Brokers’ Association, Americas, and organised by Profit & Loss.

Speakers at the event explained that swaps trading has not changed much for the buy side since the introduction of Swap Execution Facilities (SEFs), with most buy side firms executing their swaps transactions via a request for quote (RFQ) format. The only difference now, they said, is that the RFQ occurs on an electronic platform rather than via the phone.

Giancarlo Pledges to Ease Margin Deadline

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Christopher Giancarlo, soon to be acting chairman of the US Commodity Futures Trading Commission (CFTC), says that the commission will look at ways to ease the March 1 deadline for the new margin requirements for uncleared swaps.

These requirements will make posting variation margin compulsory for all non-cleared derivatives, and set strict requirements on the type of collateral that can be posted, the frequency of the margin calls, and the required timing for settlement.

When current chairman of the CFTC, Timothy Massad, steps down from his role on January 20, Giancarlo will become acting chair and, speaking at the SefCon VII event, which was organised by Profit & Loss, in New York yesterday, he was critical of the March 1 deadline for the new margin rules.

SEFCON VII Headlines CFTC, Congressional Speakers

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As the US prepares for the inauguration of Donald Trump as President on Friday, tomorrow at SEFCON VII industry leaders will take a look at the incoming Trump Administration: Join your swaps industry peers at SEFCON VII to hear directly from many of 2017’s newsmakers, representing a unique roster of speakers from across the regulatory, legislative, banking and buy side sectors. The headline speakers at SEFCON VII include current CFTC chairman Timothy Massad, and CFTC commissioner J. Christopher Giancarlo, as well as a special View from the Hill session with Rep. Bill Huizenga (R-MI), chair of the Capital Markets, Securities and Investment Subcommittee, House Financial Services Committee.

Dodd-Frank Act: Is Change Coming?

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Bill Shields, chief compliance officer at GFI Swaps Exchange, talks to Profit & Loss about how swaps regulations could change in 2017.

Profit & Loss: Are you expecting significant changes to swaps market regulations under a Trump administration?

Bill Shields: In large part this will depend on who is leading the Commodity Futures Trading Commission (CFTC). Commissioner Christopher Giancarlo could be named as the long-term head of the agency, and he put out whitepaper outlining a lot the SEF rules that he would like to change or eliminate. If these changes were enacted it could get rid of many of the artificial barriers to trading that the CFTC put in place that weren’t necessarily required by Dodd-Frank. In addition, Commissioner Giancarlo, has spoken about the need to modernize the CFTC’s regulatory regime.

CFTC’s Massad and Giancarlo, Congressman Huizenga, Among Speakers at SEFCON VII

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Just days from Inauguration, SEFCON VII takes a look at the incoming Trump Administration, bringing together a unique roster of speakers from across the regulatory, legislative, banking and buy side sectors. The event is hosted by the Wholesale Markets Brokers Association Americas and takes place at The Roosevelt on Jan 18 in New York.
Industry leaders will discuss how the incoming Administration is expected to take shape, how the industry is likely to be impacted and which rules may be challenged. Keynote addresses by current CFTC Chairman Timothy Massad, and CFTC Commissioner J. Christopher Giancarlo will be followed up with a special “View from the Hill” session with Rep. Bill Huizenga (R-MI), Chair of the Capital Markets, Securities and Investment Subcommittee, House Financial Services Committee.

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