Commodity Futures Trading Commission (CFTC)
FX Invest North America: Platform proliferation creates buy-side headache, say panellists
An overcrowded market will lead to platform consolidation, but it is too difficult to predict which venues will survive
Trade reporting hits hurdles as regulators overwhelmed by data
The CFTC last week admitted it is having trouble making sense of the masses of OTC derivatives data now being reported to repositories, casting doubt on the stability of the new reporting regime
Rolling spot faces inclusion in Dodd-Frank
FX spot is expected to be exempt from US clearing and exchange trading rules, but rolling spot could be classified as a CFD and so included within the scope of Dodd-Frank
Broader US person definition could cause clearing avalanche, participants warn
A large number of offshore funds could be classified as US persons once a CFTC exemption expires in July, subjecting them to Dodd-Frank transaction-level rules
CFTC ‘neglect’ of Sef rules angers platform providers
After missing numerous deadlines to finalise the criteria for Sefs, the CFTC will not publish the rules until late April at the earliest, much to the frustration of market participants
CFTC rules on mid-market disclosure put banks under pressure
With just six weeks to go until the deadline for banks to disclose the mid-market price on certain FX trades, banks face considerable technology hurdles to comply
NDF traders face up to Sef reality
Non-deliverable forwards are likely to be mandated to be traded on swap execution facilities before any other FX products, but are traders ready?
CFTC's 60-second rule will force rejections, FCMs warn
Given a minute to accept or reject trades for clearing, FCMs warn they will err on the side of caution
National Futures Association announces timeline for client fund reporting
Bank and trust company depositories to begin reporting end-of-day balances from February
LCH approved for client clearing on ForexClear
The clearing house expects to begin client clearing for FX NDFs during the first quarter, and has now surpassed $500 billion in cleared volume for interbank NDFs
Trading places, January 28, 2013
New hires at SurfacExchange and EBS, while CFTC commissioner Jill Sommers steps down
DTCC threatens lawsuit over CME SDR plan
The Depository Trust & Clearing Corporation could take legal action to stop a proposed rule that would force CME clearing customers to report to its own SDR
US CFTC fines Chicago-based RJ O'Brien & Associates $300,000 for supervision failures
Futures broker pulled up for failing to uncover fraudulent activities of introducing broker, marking the extension of accountability
DTCC forex repository hits launch deadline, despite bank delays
The DTCC has today launched its global trade repository for FX in line with CFTC deadlines, although dealers now have until February 28 to begin reporting
US regulators fine forex trading companies $1.8m for fraudulent retail FX trading scheme
New York court fines three companies and bans them from trading in off-exchange market
Report blames Corzine’s strategy for MF Global collapse
Chief executive of collapsed broker at fault for risky strategy that destroyed company, House subcommittee says
LCH.Clearnet bags FX clearing house award
In the inaugural award for best FX clearing house, LCH.Clearnet is voted top for the successful launch of ForexClear, which has cleared roughly 23,000 trades over the past eight months
Deutsche Bank takes first place as volatile market calms
As volatility diminished substantially in 2012, Deutsche Bank has held onto its top position in the Best Banks survey and clinched six additional awards this year
CFTC should allow voice trading for Sefs, says Chilton
CFTC commissioner also hints that 15-second rule will be amended - and says final cross-border rules will include a new definition of ‘US person’
MarkitServ and Traiana prep pre-trade credit hubs
Post-trade technology providers are vying to build a pre-trade hub that will provide certainty of execution and clearing under new regulation, to be rolled out for rates, credit and FX within months
CFTC could force funds to break US or European law
The CFTC's broad definition of a US person could leave European hedge funds facing conflicting rules
Trade reporting pressure increases as CFTC deadlines loom
DTCC data repository has received provisional CFTC approval, just three weeks ahead of mandatory reporting for credit and rates, with FX reporting due to begin in January
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
CFTC cross-border guidance a threat to ‘systemic stability’, say Asian regulators
Leading regulators from across Asia complain of the potentially negative impact of the US regulator’s latest proposals