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Statement By CFTC Commissioner Scott D. O’Malia - Approving Portfolio Margining Of Swaps And Security Based Swaps In 4d(f) Accounts

Date 14/01/2013

Today the Commission has issued an order granting a request made by ICE Clear Credit, L.L.C. (ICE), submitted pursuant to §4d of the Commodity Exchange Act, to hold security-based-swaps in §4d(f) cleared swaps customer accounts subject to the CFTC’s jurisdiction. The SEC is in the process of approving a complementary exemptive order allowing security-based-swaps to be held outside securities accounts in §4d(f) cleared swaps customer accounts. Clearing Member Banks of a Designated Clearing Organization (DCO) have been allowed to margin their proprietary swaps in a single account since November of 2011. This order will extend the same level of capital efficiency to buy-side firms trading credit default protection.
LCH.Clearnet Implements Industry-Leading Default Management Process For Bonds And Repos - Unique Loss Allocation Arrangements Designed In Close Collaboration With Leading Fixed Income Market Participants

Date 14/01/2013

LCH.Clearnet Ltd, the multi-national clearing house’s UK-based CCP, has put in place best-in-class systemic risk mitigation for bonds and repo cleared through its RepoClear service by implementing formal loss allocation arrangements. LCH.Clearnet Ltd’s loss allocation arrangements, which are unique to the bond and repo market, were designed in close collaboration with leading fixed income market participants.
Statement Of Support By CFTC Chairman Gary Gensler – Client Portfolio Margining

Date 14/01/2013

I support the Commission’s order to allow portfolio margining of both swaps and security-based swaps in a cleared swaps customer account. Clearing members already benefit from portfolio margining when clearing credit default swaps. The order facilitates client clearing by allowing customers of clearing members to get similar benefits.
NYSE Technologies Extends Asia Footprint With Creation Of NYSE Philippines Inc. -- Creates A New 'Center Of Excellence' In Manila With Over 100 Employees -- Further Strengthens Asia Presence And Enhances Local Service Offering

Date 14/01/2013

NYSE Euronext (NYX) announced today that it has completed its resource transfer from Fixasia Technologies Inc., a leader in technology solutions and support services, to a newly created subsidiary, NYSE Philippines Inc. The new subsidiary will operate as a regional technology hub based in Manila. This enables NYSE Technologies to efficiently expand and rapidly diversify its Asia business while enhancing its 24x7 global support model and adding the unique expertise of the Fixasia team. Terms of the transfer were not disclosed.
CFTC Grants Order To ICE Clear Credit Permitting Portfolio Margining Of Swaps And Security-Based Swaps In A Cleared Swaps Customer Account

Date 14/01/2013

Today the Commodity Futures Trading Commission issued an order granting a request made by Ice Clear Credit LLC (ICC), a Commission-registered derivatives clearing organization (DCO), pursuant to Section 4d(f) of the Commodity Exchange Act (Act). The order sets forth terms and conditions under which ICC and its clearing members that are dually registered as futures commission merchants and broker-dealers may (1) hold credit default swaps (CDS) and security-based CDS in a cleared swaps customer account subject to Section 4d(f) of the Act; and (2) portfolio margin such CDS and security-based CDS held in the cleared swaps customer account.

Federal Reserve Board Issues Two Consent Cease And Desist Orders Against JPMorgan Chase & Co.

Date 14/01/2013

The Federal Reserve Board on Monday issued two consent Cease and Desist Orders against JPMorgan Chase & Co., New York, New York (JPMC), a registered bank holding company. The first order requires JPMC to take corrective action to continue ongoing enhancements to its risk-management program and its finance and internal audit functions, particularly in regard to JPMC's Chief Investment Office (CIO). The Board's order follows the disclosure of significant losses in a large synthetic credit portfolio that was managed by the CIO. The second order requires JPMC to take corrective action to enhance its program for compliance with the Bank Secrecy Act and other anti-money laundering requirements at JPMC's various subsidiaries.
CFTC Announces Appointment Of Melissa Jurgens To Serve As Secretary Of The Commission

Date 14/01/2013

The Commodity Futures Trading Commission (CFTC) today announced the appointment of Melissa Jurgens to serve as the Secretary of the Commission. The Secretary will manage the decisional workload of the Commission as it continues to complete Dodd-Frank rulemaking and implementation, as well as ongoing enforcement and no action matters. Jurgens will also play a key role in the preservation and management of the Commission’s records.
Office Of The Comptroller Of The Currency Issues Cease and Desist Order Against JPMorgan Chase, N.A., Related To Bank Secrecy Act/Anti-Money Laundering

Date 14/01/2013

The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A.; JPMorgan Bank and Trust Company, N.A.; and Chase Bank USA, N.A., for deficiencies in the banks’ overall program for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance.
UK's Financial Services Authority Statement Regarding J.P Morgan Chase Bank N.A

Date 14/01/2013

Following the losses suffered by J.P. Morgan Chase Bank N.A. in the Chief Investment Office in its London Branch, the New York Federal Reserve Bank and the Office of the Comptroller of the Currency have published supervisory orders today. The Financial Services Authority's (FSA) regulatory response to this matter is ongoing and it is liaising with other regulators.
ParkRiver And MIK Join Together For Form CPO-PQR And CTA-PR Fix - Comprehensive Solution Addresses Mandated Requirements For Hedge Funds

Date 14/01/2013

ParkRiver Fund Solutions and MIK Fund Solutions today jointly announce that they have combined resources to provide fund firms with a comprehensive solution to the new regulatory requirements of Forms CPO-PQR and CTA-PR, complementing their existing Form PF solution.