International Swaps And Derivatives Association News
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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.
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JPMorgan Chase & Co., Goldman Sachs Group Inc. and the world’s largest banks won rollbacks in final Dodd-Frank Act rules that promise to transform the private swaps market by increasing competition.
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Users of over-the-counter derivatives may now use an interest-rate swap contract with preset terms as the industry lobby group seeks to standardize the $379 trillion market.
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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.
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Banks are leaving the panel that sets ISDAFix, the benchmark for the $379 trillion swaps market, as regulators probe suspected manipulation of the rate.
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JPMorgan Chase & Co., whose trading loss of more than $6.2 billion last year was fueled by the adoption of a formula that understated risks, has adopted yet another model.
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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.
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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.
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Energy and manufacturing companies won delays in Dodd-Frank Act requirements to report derivatives trades they use to hedge business risks.
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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.
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