This might be my last Minding the Gap column ever as the ancient Mayan calendar points to the world ending on Dec. 21, 2012. However, my guess is that discerning an expiration date for humankind is tricky as multiple cultures have conflicting calendars. But, if the Mayans were wrong, we will have lots to do… Read More >>
OTC Overhauls Hit Home
Shortly after CFTC Commissioner Bart Chilton declared at the 7th Annual OTC Derivatives Operations & Processing Conference last week that the Dodd-Frank reforms will deliver transparency, it became clear during a subsequent discussion that if firms haven’t done so, they need to get their IT architectures in place now to stay on top of the… Read More >>
Time to Merge the SEC and CFTC?
A House subcommittee’s report on the debacle that was MF Global includes a recommendation that the SEC and CFTC merge because separately they failed to work together to prevent the firm’s shocking bankruptcy. I’m hoping the legislators’ report will compel the regulators to truly cooperate—one way or another.Despite public pronouncements and a memo of understanding… Read More >>
And, now, the Lame-Duck Session
As the euphoria from Tuesday fades, the President, Congress, regulators and lobbyists face a staggering agenda for the 2012 lame-duck session, which starts next week and runs to the end of the year. Many of the agenda items to be considered during what is usually a lackluster session will have a major impact upon financial… Read More >>
Q&A: CFTC
CFTC commissioner Bart Chilton says that no matter who wins the U.S. presidency on Tuesday, Nov. 6, the momentum for over-the-counter (OTC) execution, clearing and transparency reforms for the derivatives market is practically unstoppable. He adds that there would be little political support to return to the unregulated OTC world that triggered the Great Recession.GOP… Read More >>
The CICI Utility Launches
As expected, the DTCC and SWIFT have launched a Web-based utility as part of their recently designated roles as interim service providers for the CFTC Interim Compliant Identifiers (CICIs) for legal entities that participate in over-the-counter (OTC) derivatives trading. The website www.ciciutility.org follows the CFTC’s plan to establish a CICI utility that issues identifiers to… Read More >>
The CFTC’s LEI Move
The push for standardized Legal Entity Identifiers (LEIs) got a boost last week when the CFTC tapped the DTCC and SWIFT to be the providers of the CFTC Interim Compliant Identifiers (CICIs) for legal entities that participate in over-the-counter (OTC) derivatives trading. Yet many firms are only now beginning to take steps to move from… Read More >>
Welcome to the Scandal Parade
Is it me or are we seeing a rather extreme dichotomy gripping the securities trading industry? We are witnessing major, lofty market reforms in the US and Europe just as major firms are leading a scandal parade. It’s like watching rats navigate the New York subway system far better than the humans who designed it…. Read More >>
LEI at a Crossroads
In an eleventh hour move, a key panel of the Financial Stability Board (FSB) is pushing for the removal of the registration authority from the proposed standard for legal entity identifiers (LEIs). This leaves the SWIFT financial messaging cooperative, a backer of the LEI effort, without a clear role. Undaunted, SWIFT says it’s a strong… Read More >>
