Top executives of the two largest U.S. derivatives exchanges say regulators must take further steps to align Dodd-Frank Act rules with those of foreign counterparts to avoid oversight splits that could harm markets.
HSBC Holdings Plc’s Swiss private bank was an “open door” for money laundering and terrorist finance because managers failed to exercise controls, said Herve Falciani, a former software technician accused of stealing data.
The Commodity Futures Trading Commission has issued subpoenas to ICAP Plc brokers and as many as 15 Wall Street banks as part of an investigation into possible price manipulation of benchmark interest-rate swaps, according to people familiar with the matter.
Barclays Plc, JPMorgan Chase & Co. and other banks will be exempt from Dodd-Frank Act swap market rules when trading between their own affiliates under a measure completed by the U.S. Commodity Futures Trading Commission.
ICAP Plc’s U.S. interest-rate swap desk, which regulators are investigating as part of a price- manipulation probe, paid its brokers as much as $7 million a year at the market’s peak, earning the group the nickname “Treasure Island,” said two people familiar with the matter.
International Swaps And Derivatives Association Photos