CFTC cross-border rules slammed as ‘rushed’
The Commodity Futures Trading Commission (CFTC) will take an outcomes-based approach to deciding whether foreign rules are equivalent to the US Dodd-Frank Act – a concession that could make it easier for non-US swap dealers and foreign branches of US banks to apply their home regulations. But lawyers say new cross-border rules are confusing, unclear and rushed – with one CFTC commissioner questioning how substituted compliance decisions will be made.
The CFTC voted on its final guidance on the
More on Regulation
DRW’s Wilson: regulatory confusion hinders euro stablecoins
Conflicting interpretations of EU rules will divert more capital to USD coins and away from euro assets, says Don Wilson
Emir rule delay leaves Simm paperwork gathering dust
Mid-year refresh triggers Emir 3.0 authorisation process despite unfinished regulatory standards
Tariff volatility pushes banks to tighten close-outs
Lawyers say dealers are looking to update playbooks for terminating derivatives trades
Indonesian CCP seeks thumbs-up from US, UK and Japan
Growing foreign bank interest pushes IDClear to pursue regulatory approval overseas
FX defs look to calculation agents for close-out rates
New Isda rule book also set to streamline ‘impossibility’ standard for disruption events
Iosco pre-hedging review: more RFQs than answers
Latest proposals leave observers weighing new clampdown on pre-hedging
Isda to finalise drafting updated FX definitions this year
New definitions on disruption events and fallbacks are core focus
Iosco mimics industry codes to tackle pre-hedging dilemma
Advocates breathe sigh of relief, but Iosco release carries suggested restrictions
