Infrastructure/Regulation
CFTC to simplify route for clearing houses to be exempt DCOs
US regulator will pursue a quicker route to exempt foreign CCPs
EC tackling final questions on CCP resolution
Proposals on how to cope with a stricken clearing house due later this year
CFTC close to setting out DCO exempt pathway for foreign CCPs
US regulator poised to release alternative regime to DCO licence
Barclays' Harrison calls for phased start to clearing in Europe
Staggered roll-out was key to success of clearing rules in US, says securities co-head
Banks call for CCPs to act on compression
Revamped service at LCH.Clearnet has $200 trillion target for 2014
Mexico rushing to pass European CCP tests
EU customers face penalty without Esma blessing
Asian clearing houses waiting for CFTC to outline DCO exemption process
SGX still the only Asian exchange with US regulatory approval
Pension funds call for clearing exemption extension
Funds cite inability to post non-cash variation margin as grounds for further relief
HMRC excludes client clearing from UK bank levy
UK tax authorities exclude client collateral received as a result of clearing activities from bank levy, after complaints it would act as a disincentive to clearing
Japan dealers stop back-loading to CCPs due to de minimis uncertainty
CFTC rule potentially captures legacy trades novated to CCPs
Australia dealers face Sef time zone issues
CFTC rule poses clearing challenges for dealers whose markets close before clearing operations in London open
Europe looking 'dysfunctional and extreme' over Esma equivalency procedure
No guarantee of equivalence being granted to Asian clearing houses
Pension funds and the collateral crisis
Rising interest rates could leave pension funds facing huge margin requirements, creating an acute liquidity crisis
Footnote 513 exceeds CFTC's statutory brief: O'Malia
Failure to define a "significant or direct" threat to the US economy has brought regulatory overreach
OTFs and Sefs: equivalence in doubt
European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. By Tom Osborn
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees
Futures data will be useless to regulators without reporting delay, Esma warns
Esma responds to EC's 'intended rejection' of one-year postponement
European clearing mandate likely to start in 2015 – Risk.net poll
Clients aren’t expected to be subject to a clearing mandate until 2015, according to a Risk.net poll
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
FCMs stunned by $1.75 billion client buffer at Credit Suisse
Swiss bank is tying up too much capital in immature business, rivals claim, after new NFA data shows it to be an outlier
Experts split on MAT determinations
Rules allowing Sefs to make available-to-trade determinations continue to cause concern, but some think an aggressive approach is justified