(Editor’s note: Goldman Sachs recently settled charges of alleged swap-trading violations with the CFTC for $15 million. Our story about the matter can be found here: https://bit.ly/41Xa3Jx. The regulator alleges that the firm did not provide clients with “the transparency that the regulations require.” The CFTC also alleges that Goldman Sachs “failed to disclose dozens… Read More >>
Mizuho Capital Markets Fined for Alleged NFA Violations
Swap dealer Mizuho Capital Markets has paid a $900,000 fine for allegedly violating National Futures Association (NFA) requirements for margin collection, model monitoring and reporting related to uncleared swaps. In fact, NFA officials alleged that the New York-based firm did not satisfy requirements for initial and variation margin collection and did not properly supervise the… 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 >>
Beware the Next Avalanche, Warns CFTC’s Sharon Bowen
New regulations may require that “all swaps transactions, whether cleared or uncleared” be reported to a trade repository, but more needs to be done, according to U.S. CFTC Commissioner Sharon Y. Bowen In a recent speech at George Washington University Law School, she called for closing loopholes and ending risky practices, as well for as… Read More >>
Swaps Margin Rules to Slam Big Sell-Side Firms
New swap margin rules could push more derivatives trading onto clearinghouses and create a host of operational difficulties at big banks, but may leave the buy side relatively unscathed when they go into effect next year, analysts say. Last Wednesday regulators unveiled a draft proposal of the rules, which establish a minimum amount of collateral… Read More >>
