Robert Pickel News
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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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Robert Pickel will replace Conrad Voldstad as the chief executive officer of the industry and lobbying group for banks and investors in the $601 trillion over-the-counter derivatives market.
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Legislation to regulate the $605 trillion derivatives market is reaching beyond issues that threatened the financial system two years ago and may impede the market, according to industry leaders.
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A committee of credit-default swaps traders will expedite an auction to settle about $3 billion of contracts tied to Greece after the nation took steps to force investors to participate in the biggest sovereign-debt restructuring in history.
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Martha Haines says she was powerless at the Securities and Exchange Commission to prevent banks from selling derivatives to state and local governments that cost taxpayers billions of dollars -- mostly in penalty fees to Wall Street -- during the worst financial crisis since the 1929 Crash.
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Almost $230 trillion in notional value of interest-rate and credit-default swaps have been eliminated from the over-the-counter derivatives market by canceling offsetting trades, according to the International Swaps & Derivatives Association.
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The International Swaps and Derivatives Association will begin publishing details of the committee meetings held by banks and investors that determine when credit-default swaps are triggered.
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A U.S. regulatory proposal to protect individual swaps traders is gaining support from Wall Street dealers, buyers such as BlackRock Inc. and LCH.Clearnet Group Ltd., owner of the world’s largest clearinghouse for interest-rate swaps.
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The percentage of private derivatives trades protected by collateral in the $708 trillion market rose to 84 percent, according to the International Swaps and Derivatives Association.
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The U.S. Commodity Futures Trading Commission may complete rules next week that set protections for swap traders’ collateral as some hedge funds and mutual funds push for additional safety measures in the wake of the collapse of MF Global Holdings Ltd.
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