New rules aimed at making the world safer from blowups in the $693 trillion derivatives market are poised to drive up costs so much for retirement funds and other users that bankers say they do just the opposite.
The Commodity Futures Trading Commission is giving European swap-trading platforms until May 15 to show they offer sufficient competition between banks and other firms to remain exempt from direct U.S. oversight.
The Bank of England is seeking a global pact among banks to suspend default clauses in some derivatives contracts during a crisis, in a bid to ward off bank death spirals that cascade through the financial system.
Bart Chilton says he’ll leave the U.S. Commodity Futures Trading Commission next week after almost seven years of pushing for limits on oil and natural gas speculation, as well as curbs on algorithmic and high-frequency trading.
Timothy Massad, the Treasury Department official named to head the U.S. Commodity Futures Trading Commission, said he would work to approve speculation limits in oil, natural gas and other commodities that have been resisted by banks and parts of the energy industry.
The International Swaps and Derivatives Association Inc. said it’s seeking offers from companies wanting to become the benchmark administrator for ISDAfix, a measure used in the $426 trillion swaps market.
Regulatory investigations of alleged currency-market collusion are probably contributing to a slump in volatility in major foreign-exchange markets, according to Steven Barrow, Standard Bank Plc’s head of Group-of-10 research.
U.S. and European Union officials are nearing a deal to grant EU swap-trading platforms a reprieve from Dodd-Frank Act rules set to take effect next week, according to two people with knowledge of the negotiations.
International Swaps And Derivatives Association Photos