All Swaps articles

  • Blog post

    CFTC could overhaul cross-border derivatives approach


    CFTC Chairman J. Christopher Giancarlo plans to spearhead new rule proposals to address a range of cross-border issues with swaps regulation.

  • Blog post

    CFTC chair wants to reform and repair Dodd-Frank’s swaps rules


    CFTC Chairman J. Christopher Giancarlo is trying to set the stage for what he describes as “regulatory reform 2.0,” with a look back on the Dodd-Frank Act’s swaps rules and where his Commission succeeded, or failed.

  • Blog post

    CFTC opens public review of swaps data reporting


    The CFTC has announced it is seeking public comments as it embarks on a comprehensive review of swaps data reporting requirements.

  • Blog post

    CFTC extends comment period for new capital requirements


    The CFTC will extend the comment period on proposed capital requirements for swap dealers for an additional 60 days. The original comment period was set to expire this week.

  • Article

    New SEC rules for securities clearing agencies may benefit EU banks


    The SEC’s new rules for enhanced operational and governance standards for systematically important securities clearing agencies might just save EU banks billions of dollars in capital surcharges. Joe Mont reports.

  • Blog post

    SEC adopts rules for efficiency of securities-based swaps


    The Securities and Exchange Commission has adopted new rules that establish “timely and accurate” trade acknowledgment and verification requirements for security-based swap entities and their transactions. The rules are designed “to promote the efficient and effective operation of the SBS market.” Joe Mont reports.

  • Article

    Investment companies prepare for fresh wave of cyber-scrutiny


    Armed with Regulation S-P—the SEC’s go-to enforcement tool for cyber-security—regulators will soon begin a fresh wave of actions against investment advisers and broker-dealers who take a cavalier approach to their cyber-security responsibilities. Joe Mont reports.

  • Blog post

    EU rule on derivative contracts aims for financial stability


    Image: The European Commission has adopted a new set of rules that requires certain over-the-counter credit derivative contracts to be cleared through central counterparties. The rules implement a clearing obligation under the European Market Infrastructure Regulation for credit default swaps. “[The] decision marks another step towards making good on our ...

  • Article

    SEC, CFTC ‘milestones’ resolve issues with cross-border swaps deals


    Consider it regulatory kismet. Independently, on Feb. 10, the SEC and Commodity Futures Trading Commission finalized long-lingering rules and agreements needed to resolve concerns with the international marketplace for derivatives deals. The SEC’s new rules cover foreign swaps dealers who maintain trading desks in the United States, closing a perceived ...

  • Blog post

    CFTC offers up cyber-security rules, margin requirements


    The Commodity Futures Trading Commission is seeking to amend existing regulations regarding cyber-security testing and safeguards for the automated systems used by the firms it regulates. New rules would specify testing frequency requirements and require covered firms to have certain tests performed by independent contractors. In a separate matter, it ...

  • Blog post

    Regulators Boost Swap Collateral Demands, Cut End-Users a Break


    Banking regulators have approved a final rule that establishes new collateral demands for swaps that are not cleared through a clearinghouse. The FDIC projects that the new requirement will add roughly a 30 percent premium to traditional swap margin requirements. A related interim final rule exempts swaps with a financial ...

  • Blog post

    SEC Sets Swap Dealer Registrations, 'Bad Actor' Waiver Battle Looms


    The easy part: adopting new rules and a process for the registration of security-based swap dealers and major security-based swap participants. More controversial, is a new proposal, announced by the Securities and Exchange Commission on Wednesday, to give swap dealers the ability to do business with individuals and firms convicted ...

  • Blog post

    SEC Revisits Cross-Border Swap Rules


    The Securities and Exchange Commission is seeking to better define the requirements for security-based swap transactions that involve a foreign entity’s activity in the United States. A new proposed rule addresses what to do when only certain activities involving a security-based swap transaction occur within the United States. More inside.

  • Blog post

    CFTC Gives CCOs Extra 30 Days to File Annual Reports


    The Commodity Futures Trading Commission will give compliance officers an additional 30 days to file the annual reports required of swap dealers and major swap participants. The reports—which include an assessment of compliance resources and challenges—were initially due within 60 days of the fiscal year’s end. More inside.

  • Blog post

    SEC Adopts Swaps Rules; Piwowar Slams CCO Changes


    The SEC has adopted new rules that will require security-based swap data repositories to register with the Commission and adhere to new recordkeeping and data transparency requirements. Commissioner Michael Piwowar was a dissenting vote over what he says were last-minute changes intended to crack down on individuals who lie to ...

  • Blog post

    CFTC Outlines Expectations for New Annual Reports from CCOs


    The Commodity Futures Trading Commission recently shed more light on the new annual reports that compliance officers at swaps dealers must now provide. The CFTC guidance outlines expectations for assessing a firm’s written policies and procedures, including the code of ethics and conflict-of-interest policies. Shortcomings must be explained in detail, ...

  • Blog post

    CFTC Dives Back into Position Limits, Reopens Comment Period


    Image: Dec. 2—The Commodity Futures Trading Commission is once again girding for battle over a controversial plan to impose position limits on futures contracts. On Dec. 3, notice was published in the Federal Register to announce the reopening of a public comment period on rulemaking that was put on hold ...