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.
Shell unit seeks to register as swap dealer
Shell becomes second energy company to seek swap dealer status under Dodd-Frank
Sefs, shutdowns and no-action confusion
The new Sef trading regime came into force on October 2, but a flurry of last-minute no-action letters has left platforms confused – and there is no one at the CFTC to answer their questions. Peter Madigan reports
Dodd-Frank commodity option rules sow confusion among energy firms
Confusion over CFTC rules is tying US energy firms in knots, as they struggle to determine whether their physically settled commodity options need to comply with critical rules issued under the US Dodd-Frank Act. Alexander Osipovich reports
Asic temporarily exempts Australian banks from non-CFTC trade reporting requirements
Australian industry needs additional time to set up trade reporting infrastructure
US broker-dealers face higher costs from new customer care standard
Uniform fiduciary standard may raise the bar for investment advisers and broker-dealers
Energy Risk Europe: Commodity derivatives rules flawed, says SEB’s Iwarson
Derivatives regulation will impede attempts by banks to compete and do lasting damage to European market, says founder of SEB’s commodity business
CFTC substituted compliance process not clear enough – Risk.net poll
The majority of respondents to a Risk.net poll say they do not understand how CFTC substituted compliance determinations will be made
Clearing: Third time lucky
The third US clearing deadline caused relatively little fuss. But the problems that emerged ahead of the first two deadlines haven’t entirely been solved, and some firms sought to postpone their first cleared transactions. Joe Rennison reports
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Options platforms will miss Sef application deadline
Digital Vega and SurfacExchange do not expect to meet the CFTC's October 2 deadline to register as Sefs
Cross-border stricter-rule-applies approach causing confusion
Global regulators have agreed to cooperate when implementing new derivatives rules on a cross-border basis, but market participants are unsure as to how this will work in practice
Sefs: Ready or not, here they come
Ready or not, here they come
Officials blindsided by CFTC's Sef footnote 88, says Ferber
Senior MEP says officials from US and Europe only recognised dangers of Sef rules footnote in recent weeks
US non-bank Sifi process 'flawed' and 'unsupportable' say designating body members
Prudential Financial designation raises concerns assessment criteria not fit for purpose
ECB’s Russo speaks on CCP policy
Daniela Russo, Director General Payments & Market Infrastructure at the European Central Bank, talks about regulation affecting the operation of central counterparties for OTC derivatives transactions
Conference condemns Dodd-Frank limits on intervention
2010 reform act robbed the US authorities of the powers it used to fight crisis, conference hears
Pressure mounts on CFTC for relief on Sef rules
CFTC is being lobbied to grant relief on the contentious Footnote 88, which requires platforms to register as Sefs even if the products they offer are not yet made available to trade
Non-US platforms shun US banks over Sef rules headache
Isda conference in New York hears some trading platforms outside the US are turning away US persons to avoid registering as a Sef
New derivatives rules push global banks to form subsidiaries
Structural issues
Risk interdealer rankings 2013: Brokers
Steeled for consolidation
European CCP rules stricter than US, says Eurex Clearing chief
Thomas Book, chief executive of Eurex Clearing, says it remains to be seen whether the standards for central counterparties set in Europe will be matched around the globe
KfW justifies exemptions from Emir
German government-owned development bank KfW managed to win an exemption from clearing and margin requirements under European derivatives regulation - a benefit not extended to its peers. Luke Clancy asks why
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May