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Written Testimony By U.S. Treasury Under Secretary For International Affairs Lael Brainard - House Financial Services Subcommittee On International Monetary Policy And Trade - “The Role Of The U.S. In The World Bank And Multilateral Development Banks: Bank Oversight And Requested Capital Increases”

Date 14/06/2011

Chairman Miller, Ranking Member McCarthy, distinguished members of the Committee, thank you for the opportunity to testify before the House Financial Services Committee, Subcommittee on International Monetary Policy and Trade regarding the central role the multilateral development banks (MDBs) play in promoting U.S. interests and leadership around the world.

ISDA Comment Letter To CFTC On Swap Data Recordkeeping & Reporting Requirements: Pre-Enactment And Transition Swaps

Date 14/06/2011

Click to open Comment Letter

CFTC Chairman Gary Gensler: Testimony Before The House Committee On Financial Services

Date 14/06/2011

CFTC Chairman Gary Gensler to testify before the House Committee on Financial Services

ISDA Announces New IIGC Co-chairs

Date 14/06/2011

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that Athanassios Diplas of Deutsche Bank and Charles Mulhern of Wellington Management Company have agreed to serve as co-chairs of the ISDA Industry Governance Committee (IIGC). The new co-chairs succeed Stephen O'Connor, who has stepped down as IIGC chair following his election as chairman of ISDA’s board of directors in April, 2011. 

“Do What You Can” - Opening Statement Of CFTC Commissioner Scott D. O’Malia, Effective Date Of Title VII Of The Dodd-Frank Act

Date 14/06/2011

Today we are voting on a proposed order aimed at providing legal certainty in the form “temporary exemptive relief” for swap market participants as of the July 16, 2011 general effective date of the Dodd-Frank Act. This temporary relief is necessary because: (1) the Commission has not yet put forth final rules defining such key terms such as “swap” and “swap dealer”; and (2) certain exemptions and exclusions for transactions in exempt and excluded commodities currently relied upon by market participants will be repealed effective July 16, 2011. The proposal is supposed to “ensure that current practices will not be unduly disrupted during the transition period to the new regulatory regime.” However, because we have yet to put forth an implementation schedule for the final rules as to their approval and effective dates, and because the proposal includes an arbitrary sunset provision that could cut that transition period short on December 31, 2011, the proposal, albeit “temporary” will likely not provide the necessary “relief.” Though it is the right thing to do at this time, I have concerns that this proposal will not provide the appropriate level of legal certainty, and if it is to last only a few months, will likely only serve to further confuse and frustrate the markets and market participants.

ISDA Announces Commodity Derivatives Trade Repository Selection

Date 14/06/2011

The International Swaps and Derivatives Association, Inc. (ISDA) announced today that the ISDA Commodities Steering Committee has chosen Depository Trust & Clearing Corporation (DTCC) Deriv/SERV and EFETnet to partner with the Committee on the next stage of development of the Commodity Derivatives Trade Repository.

Autorité Des Marchés Financiers Publishes 2011 Risk And Trend Mapping For Financial Markets And Savings

Date 14/06/2011

The Autorité des Marchés Financiers today published 2011 Risk and Trend Mapping for Financial Markets and Savings. This fifth edition of the report covers market and financing trends, household saving and asset management, and changes in market structure. Most of the risks identified in the previous edition published in April 2010 have materialised and some have intensified with Europe’s sovereign debt crisis. In addition, certain major issues highlighted by the AMF now constitute new and significant areas of focus for the G-20 work programme on financial regulation:

• the transfer of risks from the banking sector to other parts of the financial system, now addressed from the broad angle of shadow banking;
• the goals of market transparency, integrity and efficiency;
• supervision and oversight of commodity derivatives markets.

Statement Of Commissioner Bart Chilton Before The CFTC Public Meeting

Date 14/06/2011

We are taking these actions today out of necessity in an effort to provide time to craft thoughtful regulations and, to the extent practical, give some certainty to those impacted by the rules.  However, we can't sit back.  We need to push the pedal down and make time to finalize thoughtful rules as soon as possible.  Markets are not much safer than they were when the economic meltdown occurred.  We still aren't seeing into dark over-the-counter markets like we should, much less regulating them.  We still lack limits on excessive speculation that is impacting consumers who at times are paying a Wall Street premium, and we have not addressed super fast cheetah traders who may be instigating mini flash crashes or posing risks to markets, and therefore consumers.

Dubai Financial Market’s Successful Implementation Of “DvP” Demonstrated To Delegates From Muscat Clearing & Depository Co.

Date 14/06/2011

Dubai Financial Market (DFM) received a high level delegation of Muscat Securities Market and Muscat Clearing & Depository Company. The Omani delegation was briefed on DFM’s successful implementation of the new settlement system Delivery versus Payment (DvP). This visit reflects the strong relationship between DFM and both the Muscat SecuritiesMarket and Muscat Clearing & Depository Company. The meetings also explored opportunities for collaboration and to share knowledge. The two day visit included a tour of DFM’s various departments and the trading floor.

Statement On The Address by President Nicolas Sarkozy Before The European Commission's Conference On Commodities And Raw Materials, Brussels - CFTC Commissioner Bart Chilton

Date 14/06/2011

"I commend President Sarkozy, not only for his leadership, but for his thoughtful understanding of the circumstances in which we find ourselves.  The President got it exactly right when he spoke about the need for thoughtful regulations to address excessive speculation and the need to harmonize regulations.  Appropriate speculative limits need to be instituted as soon as possible.  I also completely agree on the need to avoid regulatory arbitrage where markets could migrate to the least regulation nation.  We need to avoid a regulatory sidewalk sale and work together for harmonized rules that make markets more transparent and more competitive."