“The Office of Financial Research (OFR) of the US Treasury Department … has been participating in a global effort to improve the infrastructure of the financial markets by creating a process for assigning every participant in financial transactions a … unique identification number that facilitates transactional recordkeeping and reporting for financial transactions and can also… Read more »
From Bloomberg Law, a discussion with Tangent Capital Partners’ Chris Whalen and Fusion IQ’s Barry Ritholtz – “two of the brightest guys in the business” according to host Lee Pacchia – on the subject of reform in the multi-trillion dollar derivatives market. The money quotes (and there are many): “[The derivatives market] is not just… Read more »
For your reference, here’s quick roundup of analysis, commentary, and news about recent developments at the United States Commodity Futures Trading Commission (CFTC). As written by corporate lawyers on JD Supra: On Swaps: CFTC Shines Light on Swaps Market with ‘Swaps Report’ - by Shipkevich PLLC “The data contained in the report is robust, and… Read more »
Bloomberg Law’s Lee Pacchia talks with Ralph Ferrara, partner at Proskauer Rose and General Counsel of the Securities and Exchange Commission from 1978 to 1981, about high frequency trading, the problems it caused, and what solutions are needed. Some highlights: “What we’ve pulled out of the process is human judgment making; that’s got to be… Read more »
“[S]wap dealers would be granted a short-term delay on a new rule that mandates the counting of swaps as a component of registration… The new rules have been the subject of controversy and presidential debate politics over the last few weeks. Republicans have accused the CFTC of ideological maneuvering and wastefulness as they pursue controversial… Read more »
“MR. LEHRER: You want to repeal Dodd-Frank? MR. ROMNEY: Well, I would repeal it and replace it.” (New York Times) The Dodd–Frank Wall Street Reform and Consumer Protection Act, both criticized and praised by Republican presidential candidate Mitt Romney in last night’s inaugural presidential debate, was passed in 2010 purportedly to end the practices that… Read more »
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission published the final rules defining “swap” and other swap-related terms in the Federal Register earlier this week, setting into motion a countdown to compliance for a number of CFTC regulations governing the swap market. From law firm Skadden Arps: “The effective date and… Read more »
On July 7, 2012, the Commodities Futures Trading Commission (CFTC) finalized its definition of a “swap” as required by the Dodd-Frank financial reforms law, one day after the Securities and Exchange Commission approved its parallel version of the definition. For your reference, here’s a roundup of legal commentary on this latest Dodd-Frank development: CFTC-SEC Final… Read more »
A: It depends who you ask… For more on JP Morgan’s recent trading loss (and what might have caused it), watch this lively debate between Chris Whalen, Senior Managing Director at Tangent Capital Partners, and Jeff Madrick, Senior Fellow at the Roosevelt Institute. Choice quotes: Whalen: “”The calls for more regulation and the implementation of the… Read more »
[Video: Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives - MarkteReformsWiki] For your convenience, here’s a quick Friday roundup of recent advisories and alerts to do with various legal developments in the financial services realm. The updates cover a range of topics and, starting with the excellent video interview above,… Read more »
The Commodity Futures Trading Commission (CFTC) continues to move forward with regulatory changes mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. For your reference, here’s a roundup of recent rules and revisions from the CFTC: Final Rules Defining Swap Dealers and Major Swap Participants CFTC and SEC Define “Swap Dealer” and “Major… Read more »
For your convenience, a roundup of securities law advisories published recently on JD Supra: On Whistleblower Programs - Whistleblower Bounty Program: Corporate Compliance Program Considerations [King & Spalding] “The SEC recently reported to Congress that during the first seven weeks of the program’s operation, it received 334 whistleblower tips, which most commonly focused on market… Read more »
Tasked by the Dodd-Frank Act to reform the swaps marketplace, the Commodities Futures Trading Commission recently finalized several key rules regulating the activities of dealers and major swap participants. For your reference, here’s a roundup of legal commentary and analysis on the new regulations: CFTC Holds First Open Meeting of 2012 and Finalizes Key Rulemakings Under… Read more »
The Commodity Futures Trading Commission recently issued a final order providing temporary relief from Title VII provisions of the Dodd-Frank Act. For your reference, here’s a roundup of what lawyers on JD Supra are saying about the extended deadlines and other Dodd-Frank developments: CFTC Publishes Rule Proposals and Approves Final Rules Under Dodd-Frank (Katten Muchin… Read more »
