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Latest on Regulation
Exchange chiefs back Giancarlo in tussle over CCP oversight
The CFTC may block US CCPs from acceding to EU supervision
Basel to propose IM offset in leverage ratio
Four sources say draft will make concession; it could also revive EU-US segregation drama
SEC’s Stein sounds alarm on portfolio margining
Comment period on single-name CDSs is covert attempt at rulemaking, regulator says
Latest
Quotes
I’m interested in exploring whether the commission should consider alternative approaches to the so-called arranged, negotiated and executed requirements, to reduce the possibility of market fragmentation
Hester Peirce, US Securities and Exchange Commission
We will get the swap execution facility rules done before I leave the commission. The cross-border may take some more time
Christopher Giancarlo, Commodity Futures Trading Commission
All forex products are currently deemed illiquid, so anyone could be a systematic internaliser in forex without any pre-trade transparency, but at some point in the future that determination will change
Andrew Bowley, Nomura
Editor's Choice
Moving the goalposts: EU fights over prop trader rules
French proposals could drive larger non-banks out of fixed income futures and options
Big Figure
BAML’s China pivot
China has become the fourth-largest country exposure for Bank of America Merrill Lynch outside the US. To complement those activities, the bank may now restart its China swaps clearing business, following the CFTC's decision to grant the Shanghai Clearing House a three-year permission to clear derivatives for US institutions without registering in the US.
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Comment
Podcast: Montoro on FRTB thresholds and non-modellable risks
The price of trust: tackling the risks of ring-fencing
Our Take
Searching for the end of Giancarlo’s white-paper trail
Let regulators manage no-deal risks