U.S. regulators unveiled rules for derivatives on Wednesday that could make margin requirements for uncleared swaps 40 to 45 percent higher than cleared transactions, and could lead to a host of operational and legal difficulties for firms trading in them. The proposed rules establish the minimum amount of collateral that financial firms would have to… Read More >>
Prime Brokerages Share Their Pain with Hedge Funds
For hedge funds, change is in the air as prime brokers contemplate pulling back on financing options and raising fees, leaving some funds to consider parking excess cash and long securities at custodian banks. Prime brokerage units of A-List firms are beginning to feel the squeeze as big banks face stiff pressure from regulators to… Read More >>
Janet Yellen to Lead the Federal Reserve as CFTC Fills Top Posts
Janet Yellen to Lead the Federal Reserve Janet L. Yellen will be moving up from vice chair of the board of governors of the Federal Reserve System to become chairwoman of the Federal Reserve after confirmation by the U.S. Senate earlier this week.When she becomes Fed chair on Feb. 1, it will mark the… Read More >>
SEC Adopts Volcker Rule
The SEC has adopted a final version of the Volcker Rule in a 3-to-2 vote that is a milestone for regulatory reform on Wall Street.SEC Commissioners Daniel M. Gallagher and Michael S Piwowar voted against adoption of the restrictions upon banks and proprietary trading. SEC Chair Mary Jo White and SEC Commissioners Luis A. Aguilar… Read More >>
SEC to Take on the Volcker Rule
The SEC will be joining a hallelujah chorus of sorts as the CFTC, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are expected to vote on the Volcker Rule on Tuesday.Clarifying media speculation, the SEC will be taking up the Volcker Rule on Tuesday, Dec. 10,… Read More >>
