The SEC is compelling the overseas branches of U.S. banks to conduct their derivatives transactions according to the rules of the 2010 Dodd-Frank law, officials say. The regulatory commission has adopted new rules governing derivatives transactions that will define when these foreign financial institutions must register with U.S. regulators and when they should comply with… Read More >>
Tullett Prebon Info Targets Fragmented SDR Data
Data provider Tullett Prebon Information (TPI) has just launched an aggregated swap data feed that attempts to collect and standardize the vast amounts of data made available by the creation of Dodd-Frank mandated swap data repositories (SDRs). Dodd-Frank requires reporting counterparties and reporting entities to submit swap transaction data to SDRs via electronic reporting to… Read More >>
Buy Side Avoiding SEFs
Buy-side firms have made great strides in the past five years in revamping their over-the-counter (OTC) derivatives trading infrastructures and processes even though they are avoiding swap execution facilities (SEFs) as often as they can, says Cynthia Meyn, executive vice president and senior operations manager for bond fund manager PIMCO, who spoke during a panel… Read More >>
FTF HedgeOps Report: Time for a New Culture of Compliance
Senior stewards of the new post-2008 regulation era at hedge funds took center stage at “Answering the Corporate Governance Call,” a remarkably candid panel at this week’s HedgeOps New York event, sponsored by FTF. The all-day insider event’s ground rules restrict press, including FTF News, from identifying individual panelists. However, each panelist is a senior… Read More >>
The CFTC’s Case for More Cops
The CFTC has been fairly aggressive in writing and launching new regulations, particularly for the clearing and execution of over-the-counter derivatives — a key reform of the Dodd-Frank Act. Getting the follow-up support from Congress to effectively oversee these reforms has been a major challenge for the regulator. Undaunted, Mark P. Wetjen, the acting chairman… Read More >>
Barclays Picks Ops Head Amid Exec Shuffle
While Barclays is undergoing an executive shuffle in the U.S., it filled a top operational/IT post. Michael Harte, the chief information officer at Commonwealth Bank of Australia Group (CBA), will be leaving his post to become chief operations and technology officer at Barclays, according to Barclays officials. Harte, who is also group executive enterprise services… Read More >>
Swaps Dealers Face New SEC Recordkeeping Rules
The SEC is moving toward new recordkeeping, reporting, and notification requirements for what the regulator defines as “security-based swap dealers” and “major security-based swap market participants,” officials say. “The SEC’s proposed rules will require security-based swaps dealers to record and archive all communications related to swaps transactions including emails, instant messages and recordings of phone… Read More >>
CFTC to Revamp SDR Push as Aite Predicts CCP Woes
CFTC Calls for Comments for New SDR Rules The CFTC is taking its first major step in an overhaul of its swap data recordkeeping and reporting requirements with a call for public comment. The swaps data gathering is mandated by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This step follows the… Read More >>
Ready for a 1,000% Spike in Margin Calls?
A new white paper from the DTCC predicts that margin calls on derivatives could increase by as much as 1,000%. The paper cites regulatory changes that will spur fragmented clearing and a jump in margin calls. With so much that can go wrong, the new clearing regime for derivatives is quickly becoming a major operational… Read More >>
CFTC to Fix Broken Swaps Data System
The CFTC is quietly acknowledging that its swaps transaction data reporting system is broken. Mark P. Wetjen, the acting chairman for the CFTC, and his fellow commissioners formed an interdivisional staff working group last month to reassess the regulator’s swaps data-gathering processes. The new group is likely to serve as a catalyst for a much-needed… Read More >>
