Dodd-Frank Act
WHAT IS THIS? Properly known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, this controversial US legislative package enacted a host of reforms agreed by the G20 nations in the aftermath of the financial crisis, including rules on the clearing, execution and reporting of standardised swaps. It also introduced the Volcker rule ban on proprietary trading by banks, and a new way of liquidating big institutions.
BAML drops below Collins floor
BAML becomes the sixth big US bank to report higher standardised RWAs than modelled RWAs
Dealers slam ‘nonsensical’ treatment of forex derivatives
Proposal on US swap dealer threshold rekindles debate on definition of NDFs and window forwards
If regulations don’t bend, they’ll break
Financial regulation should be adaptive, not reactive, argues Andrew Lo
Fed stress tests stretch State Street, Goldman, Morgan Stanley
State Street worst performer among complex firms on capital; Goldman and Morgan Stanley on SLR
Fed credit limits likely to hit investment banks, custodians hardest
State Street, BNY Mellon, Morgan Stanley, Goldman Sachs have low credit limits; high bank exposures
Volcker rule revisions may complicate compliance – experts
US regulators’ efforts to simplify key test of trading intent could ramp up data demands
Five US banks below Collins floor
Morgan Stanley, JP Morgan, Citigroup, State Street and Wells Fargo had higher standardised RWAs than modelled RWAs
Rolet is right – for now
CME/Nex deal could change the established logic on how to deliver rates market savings
CFTC probed CDS market under last enforcement head
Goelman compares manufactured payouts to match-fixing, and says CFTC has jurisdiction to bring case
CFTC’s long-awaited Sef reboot set for July
Isda AGM: Proposals will allow all execution methods – including voice – and expand range of Sef mandate
Fed discussing margin impact of SOFR switch
Isda AGM: Legacy Libor swaps should be protected from new rules when ditching Libor, MetLife’s Manske says
Modelled RWAs fall at BNY Mellon
Gap between RWAs calculated under the two approaches shrinks
Quarles: Fed would recalibrate eSLR if Crapo bill passes
Senate or House changes to CCAR could also affect Fed’s new stress capital buffer
Fed’s new capital buffer refocuses on risk
Low-risk activities and larger management buffers likely to become more attractive
BAML approaches Collins floor
The gap between RWAs calculated under the two approaches continues to shrink
Bridge to nowhere: gaps in Treasury G-Sib bankruptcy plan
US bankruptcy-first approach needs more thought on emergency liquidity, say experts
Holdco wars: Asia may retaliate against EU plan
European holding company requirements for foreign banks threaten tit-for-tat response
EU risks backlash on CCP supervision – UK MEP
Swinburne says US could retaliate over fears of “damaging blanket Brexit policy”
Tullett Prebon and the mystery Clob
How tpSef quietly kept voice broking alive in a regime designed for e-trading
Treasury official calls on Fed to review FBO rules
Senate bill aims to relax US Sifi threshold but offers no relief for foreign banks
Senate bill will not hurt big bank oversight – Powell
Fed chair says raising of Sifi threshold will not affect application of enhanced standards
Global regulation vice-president leaves MetLife
End of Sifi designation court fight reduces need for legal and lobbying work at US insurer
US clearing banks still push for leverage ratio IM offset
Potential cut in ratio and adoption of SA-CCR not enough to stop shake-out, FCMs warn
Waiting for Giancarlo
CFTC no-action relief to be codified, but big changes on de minimis and position limits still distant