News Centre

IMF Executive Board Concludes Review Of Fund-Supported Programs During Global Financial Crisis

Date 16/12/2015

On December 7, 2015, the Executive Board of the International Monetary Fund (IMF) concluded a review of program design and outcomes of Fund-supported programs undertaken during and following the global financial crisis. The discussion was informed by a staff paper.

CFTC Swaps Report Update

Date 16/12/2015

CFTC's Weekly Swaps Report has been updated, and is now available.

24 Investment Management Firms Commit To Single-Name CDS Clearing

Date 16/12/2015

The International Swaps and Derivatives Association, Inc. (ISDA), Managed Funds Association (MFA) and SIFMA's Asset Management Group today announced that several of the Associations' collective member firms have pledged to begin voluntarily clearing their single-name credit default swap (CDS) trades through central counterparties (CCPs). 

CFTC Approves Final Rule On Margin Requirements For Uncleared Swaps For Swap Dealers And Major Swap Participants

Date 16/12/2015

The U.S. Commodity Futures Trading Commission (CFTC) today approved the Final Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants. The Commission voted 2 in favor and 1 opposed.

Remarks To The ICI 2015 Securities Law Development Conference, David Grim, Director, SEC Division Of Investment Management, Washington, D.C., Dec. 16, 2015

Date 16/12/2015

Introduction

Good morning everyone, and thank you, David, for that kind introduction and for inviting me to speak here today. Before I begin, let me remind you that the views I express are my own and do not necessarily reflect the views of the Commission, any of the Commissioners, or any other colleague on the staff of the Commission. Before I begin, I should mention that I’m joined here today by several of my Investment management colleagues—Diane Blizzard, who will be participating shortly in the “Looking to the Future: What Funds Should Expect in 2016” panel, Aaron Schlaphoff, who will be participating in the derivatives panel, and Sarah ten Siethoff, who will be participating in the fixed income funds panel. We are also joined by several of our colleagues from around the Commission, including Katherine Feld from the Commission’s Office of Compliance Inspections and Examinations (OCIE) and Anthony Kelly from the Commission’s Division of Enforcement.

Statement Of CFTC Chairman Timothy Massad, Final Rule On Margin For Uncleared Swaps

Date 16/12/2015

The rule this Commission is adopting today is one of the most important elements of swaps market regulation set forth in the Dodd-Frank Act. Although we have mandated clearing for standardized swaps, there will always be a large part of the market that is not cleared. This is entirely appropriate, as many swaps are not suitable for central clearing because of limited liquidity or other characteristics. Our clearinghouses will be stronger if we exercise care in what is required to be cleared. However, we must take steps to protect against such activity posing excessive risk to the system. That is why margin requirements for uncleared swaps are important.

ESMA Sees Continued High Levels Of Risk In 2016 Financial Markets

Date 16/12/2015

The European Securities and Markets Authority (ESMA) has issued today its Risk Dashboard for the European securities markets covering the third quarter of 2015.

Dissenting Statement Of CFTC Commissioner Sharon Y. Bowen Regarding Final Rule On Margin For Uncleared Swaps

Date 16/12/2015

Thank you, Mr. Chairman.

I commend the staff, the Chairman, and Commissioner Giancarlo for their work on this final rule. This rule has many benefits for the American public and is an important step towards further girding the financial system. Unfortunately, as compared to our September, 2014 proposal and the rule passed by the prudential regulators, this final rule fails to meet statutory intent and it puts swap dealers we regulate at greater risk in times of financial stress because of its treatment of interaffiliate margin.

Dubai Financial Services Authority: Notice Of Consultation Paper Release

Date 16/12/2015

The DFSA has released the following for Consultation:

Consultation Paper No. 104 – Proposed Miscellaneous Amendments

Statement Of Support Of CFTC Chairman Timothy Massad, Notice Of Proposed Rulemaking DCR System Safeguards Testing

Date 16/12/2015

I strongly support this proposed rule.

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