After realising an overhaul of its Sef-equivalence framework was needed, the CFTC told European platforms not to apply. At the same time, the FCA was working through rules with UK venues
Buy-side firms claim dealers stand to benefit from the division of OTC markets into US and non-US persons; all-to-all trading cannot exist until the break is closed
Fed’s Marco Migueis says long-awaited AMA guidance will outline how to combine internal and external data
In this paper (in English and German), Genscape has analysed Combined Heat and Power or Central Heat and Power (CHP)production in the German market, the challenges it raises for market participants, and the key steps required to address the fundamental lack of transparency in CHP plant production.
More Peter Madigan articles
New US capital and liquidity rules for overseas banks could cripple repo and securities lending businesses, the industry claims. Some banks are already considering scaling back, but there are deeper concerns, too. Peter Madigan reports
If non-US firms are refusing to trade with US persons, it means “we have screwed up in the regulation somewhere,” says CFTC commissioner O’Malia. He hopes arrival of European rules will remove motive for market to fragment
On 36 Dodd-Frank Act rules, the CFTC has issued more than 200 no-action letters or other pieces of guidance, according to Scott O'Malia. One of his former colleagues claims commissioners only saw many of these documents "the night before they were issued"...
Curve trades and swap spreads will have CFTC protection lifted from mid-May if they contain a leg that is subject to Sef requirements, platform operators expect. More complex packages may see relief extended
Trading platforms claim allowing US persons to trade on MTFs could subject non-US clients to US rules
Subtle change of direction signalled by CFTC chairman nominee at Senate confirmation hearing
Platforms say divide between US persons and non-US persons will remain
In response to industry fears of a collateral crunch, regulators have revised the proposed rules on margining for uncleared over-the-counter (OTC) derivatives.You can find out more by downloading this white paper here.