DTCC Elects Three New Board Members The Depository Trust & Clearing Corp. (DTCC) reports that three new members, all senior executives at clearing agencies, have been elected to its board of directors. They are: Lester Owens, managing director and global head of wholesale banking operations at JPMorgan; Paul Simpson, managing director and global head of… Read More >>
ISDA Offers Help for Uncleared Derivatives Margining
The International Swaps and Derivatives Association (ISDA) has published the first in a series of documents to help market participants comply with new margining requirements for non-cleared derivatives, officials say. The 2016 Credit Support Annex for Variation Margin (VM) is described as an update of the 1994 ISDA Credit Support Annex (CSA) that will allow… Read More >>
Regulators Could Halt Blockchain’s Progress
CFTC Commissioner J. Christopher Giancarlo is calling on U.S. and European regulators and policymakers to take a “do no harm approach” toward the oversight of emerging distributed ledger technology (DLT), popularized by the blockchain underpinnings for cryptocurrency Bitcoin. Otherwise, DLT’s growth is at “risk of being stymied by disparate and uncertain regulation,” says Giancarlo, who… Read More >>
CFTC Pays Whistleblower $10 Million
Does it pay to be a whistleblower? The answer to that question may increasingly be in the affirmative as the CFTC just announced an award of “more than $10 million to a whistleblower who provided key original information that led to a successful CFTC enforcement action,” officials say. “The award is the largest made by… Read More >>
JPMorgan Penalized $225K for Reporting Errors
Officials at JPMorgan Ventures Energy Corp. (JPMVE) and JPMorgan Chase, N.A. (JPMCB) have an idea of how much errors in large trader reports (LTRs) will cost them as the CFTC recently issued an order settling charges and imposing a $225,000 civil monetary penalty. For the Large Trader Reporting program, the CFTC operates “a comprehensive system… Read More >>
Credit Suisse to Pay $665,000 for Futures Violation
U.S. commodities trading regulator the CFTC has ordered a payment of penalties totaling $665,000 from Credit Suisse International (CSI) for violating a speculative position limit for wheat futures and from Credit Suisse Securities (CSS-USA) for allegedly submitting misleading information to the regulator about the incident. The CFTC charged that the London-based CSI “exceeded the CFTC… Read More >>
Two Ex-Rabobank Traders Face Jail Time in the U.S.
While U.S. presidential candidates cry for more investment banking personnel to be in orange jumpsuits, two former derivatives traders for Rabobank, headquartered in Utrecht, The Netherlands, might one day be donning new outfits as they have been sentenced to serve time in a U.S prison. The sentencing of the two British nationals last week followed… Read More >>
Hong Kong Clarifies Rules for OTC Derivatives Trading
The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) proposals on introducing mandatory clearing and expanding mandatory reporting for the second stage of the over-the-counter (OTC) derivatives regulatory regime is only the next stage of the territory’s staggered approach to implementing new derivatives rules. The actions were expected and sell- and… Read More >>
CloudMargin and Markit Move Valuation to the Cloud
CloudMargin to Feature Markit’s Portfolio Valuation Services The portfolio valuation services of Markit, a financial information services and systems vendor, will become available via CloudMargin, a cloud-based, collateral management software platform, say officials from both providers. The combine services are timed for upcoming requirements on initial and variation margin “within the BCBS IOSCO framework, set… Read More >>
ISDA to CFTC: Exempt SEF-Compliant European Venues
In publishing a set of principles intended to help derivatives trading firms compare U.S. and European Union (E.U.) trading venues, officials at the International Swaps and Derivatives Association (ISDA) are asking that CFTC officials consider a new exemption for established trading venues in Europe. “If EU trading venues are determined to achieve the same objectives… Read More >>
