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  • CFTC Approves Phased Compliance Proposal For Certain Swap Regulations

    Date 29/06/2012

    The Commodity Futures Trading Commission (Commission) today voted to propose a phased compliance program regarding certain swaps to non-U.S. swap dealers, non-U.S. major swap participants, U.S. swap dealers, U.S. major swap participants, and foreign branches of U.S. swap dealers and U.S. major swap participants. In order to ensure an orderly transition to the Dodd-Frank Act the Commission released for public comment a phased compliance regarding certain entity-level requirements (Entity-Level Requirements) and transaction-level requirements (Transaction-Level Requirements) subject in each case to specified conditions. The vote was conducted via a seriatim vote of the commission and was passed by a vote of 5 to 0. The Comment period is open for 30 days after the publication in the Federal Register.

  • BATS 1000 Index Rebounds By 2.4% This Week

    Date 29/06/2012

    BATS Global Markets, a leading operator of securities markets in the U.S. and Europe, reports the BATS 1000® Index (Ticker: BATSK) rose 359.68 points, or 2.4%, this week to close at 15,305.28 as of 4 p.m. ET today.

  • Statement Of Concurrence: (1) Cross-Border Application Of Certain Swaps Provisions Of The Commodity Exchange Act, Proposed Interpretive Guidance And Policy Statement; (2) Notice Of Proposed Exemptive Order And Request For Comment Regarding Compliance With Certain Swap Regulations - CFTC Commissioner Jill E. Sommers

    Date 29/06/2012

    Over a year ago, the Commission finally acknowledged that we needed to address the growing uncertainty brewing among swap market participants who were trying to decipher the extraterritorial reach of the Dodd-Frank Act. We held a two-day roundtable last August and have received numerous comments since then from market participants and other regulators asking us to consider a global approach to the regulation of these global markets. We were encouraged to coordinate with our foreign and domestic partners and urged not to implement our regulatory approach in a silo.

  • ISDA-SIFMA Response To CFTC Proposed Rulemaking - Aggregation, Position Limits For Futures And Swaps

    Date 29/06/2012

    The International Swaps and Derivatives Association, Inc. (“ISDA”) and the Securities Industry and Financial Markets Association (“SIFMA”) appreciate the opportunity to provide the Commodity Futures Trading Commission (“Commission”) with comments and recommendations regarding the Commission’s Notice of Proposed Rulemaking on Aggregation, Position Limits for Futures and Swaps (the “Proposed Aggregation Rule” or “Aggregation Notice”).

     

  • Statement Of Concurrence: (1) Proposed Interpretive Guidance And Policy Statement Regarding Section 2(i) Of The Commodity Exchange Act - And (2) Notice Of Proposed Exemptive Order - CFTC Commissioner Scott D. O’Malia

    Date 29/06/2012

    I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) approval of its proposed interpretive guidance and policy statement (“Proposed Guidance”) regarding section 2(i) of the Commodity Exchange Act (“CEA”) and its notice of proposed exemptive order (“Proposed Order”). While I have strong reservations about the statutory authority and disagree with the Commission’s decision to issue interpretive guidance instead of a formal rulemaking, I believe that the timely release of these proposals is critical for firms to have some sense of what U.S. standards will apply to their cross-border transaction, and how those standards will comport with international standards. We expect that these proposals will improve as a result of input from market participants, as well as an open dialogue with global regulators.

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