Posts Tagged ‘regulation’
Monday, November 15th, 2010
And we thought regulations were getting strict in America. Starting in November 2011, U.K. bankers, hedge funds, investment managers and stockbrokers must record all phone conversations that take place on company cell phones and the conversations must be archived for six months in an attempt to further prosecute insider trading. The Financial Services Authority (FSA) already requires conversations over company land lines to be recorded and it was only technological limitations that had prevented this latest move from happening. (more…)
Tags: insider trading, privacy, regulation, U.K., wire tap
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Wednesday, October 20th, 2010
The Futures Industry Association (FIA) hosted a panel on Oct. 18 to discuss the status of clearing in Chicago including a look at where we are going from here. Speakers included heads from the Options Clearing Corporation (OCC), CME Group and ICE Clear U.S. Of particular interest to each speaker was the Commodity Futures Trading Commission’s (CFTC) rules that were proposed that would limit the ownership a single entity could hold in a swaps clearinghouse. (more…)
Tags: CFTC, clearing, CME Group, Congress, Financial Regulatory Reform, ICE, OCC, OTC, regulation
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Friday, October 8th, 2010
Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and Securities and Exchange Commission (SEC) Chair Mary Schapiro begin an op ed piece in the USA Today with the following: “The missions of the Securities and Exchange Commission and the Commodity Futures Trading Commission are to protect investors and ensure our derivatives and securities markets are as fair, transparent and efficient as possible.”
That line has past CFTC Chairman Philip McBride Johnson a little worried because it suggests that the two agencies are in the same business when they exist for quite different purposes and could reprise efforts to merge the two.
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Tags: CFTC, Flash crash, regulation, SEC, speculators
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Wednesday, September 15th, 2010
The financial landscape has become an alphabet soup of regulators, exchanges and registration categories that range from APs to USD. With the passage of the Dodd-Frank bill we have seen even more added, including some that we don’t even know what they will do or what they will look like yet. Two that we are still figuring out are swap exchange facilities and security-based swap exchange facilities, aptly shortened to SEFs and SB SEFs. To be fair, there has been talk for years about moving swaps to exchanges and clearinghouses. Until Lehman Brothers’ collapse, though, that’s all it really was – talk. Now with a government mandate, the clock is ticking before SEFs are expected to be up and running.
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Tags: bailout, CFTC, Congress, economy, Financial Regulatory Reform, futures exchanges, Gary Gensler, OTC, regulation, SEC
Posted in Markets, Regulatory/actions | No Comments »
Sunday, September 12th, 2010
The Commodity Futures Trading Commission’s forex proposal last January stirred up a hornet’s nest of opposition.
It seemed awfully odd that just a month or so after the National Futures Association (NFA) instituted new tougher standards for forex, that the CFTC would propose something so different. The NFA, after all, is the agency who has dealt on the front lines with the forex problem. There has been a lot more continuity in the leadership and the staff of the NFA in recent years than at the CFTC yet the CFTC proposed a leverage standard 10X more restrictive than the NFA rules that had just gone into affect.
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Tags: CFTC, forex, regulation
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Wednesday, August 18th, 2010
When the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law last month, we ran a poll question on our website asking whether it: a) ends “too big to fail,” b) doesn’t end “too big to fail,” or c) is a full employment act for lawyers. Most of those who responded chose option c, and from the looks of things at the Futures Industry Association‘s financial reform forum in Chicago yesterday, they were right. The forum was packed with lawyers who will be very busy over the next year as new rules stemming from the legislation are put in place. Their discussion on the new rules was complicated and mind-numbing, and it seemed like the only certainty at this point is that there are many UNcertainties. (more…)
Tags: CFTC, Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Regulatory Reform, regulation
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Wednesday, July 21st, 2010
The International Securities Exchange (ISE) announced this week that it is introducing a new order type called “Do not route” (DNR). Both “priority” and “professional customers” will be able to designate an order DNR so that it would not be routed to another exchange if the ISE is not posting the National Best Bid or Offer (NBBO).
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Tags: Do not route, NBBO, regulation, SEC
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Wednesday, July 21st, 2010
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law today, but this is far from the end of the road in financial reform. In fact, it’s just the beginning of a longer process, and the devil is definitely in the details. The law gives most of the power to the regulatory agencies to actually make the rules, a process that could take up to a year, analysts say. And a history of lack of cooperation and regulatory overlap in some financial products from the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) only complicates matters. Many experts still aren’t sure of the exact ramifications of the law. (more…)
Tags: CFTC, Financial Regulatory Reform, regulation, SEC
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Thursday, July 1st, 2010
After the House and Senate worked out a compromise on the financial reform bill last week and that compromise passed the House yesterday, only the Senate remains as a hurdle to the bill’s passage, and the bill could become law within the next few weeks. The legislation will mean many changes for traders, including requirements for clearing of OTC derivatives, with the new structure meaning changes in pricing and liquidity. And new restrictions on proprietary trading could cause larger traders to shift from banks to hedge funds, private equity firms or foreign firms.
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Tags: Financial Regulatory Reform, regulation
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