U.S. banks and other financial firms won a three-month delay for as much as half of the interest-rate swap market to meet a federal requirement to trade on platforms designed to increase competition and transparency.
The U.S. Commodity Futures Trading Commission is moving to revamp oversight of swap-market data after a member said the agency’s information wouldn’t help detect a loss like JPMorgan Chase & Co.’s London Whale trades.
A proposal to divvy up margin payments of individual swaps users at clearinghouses rather than allowing accounts to be treated as one pool by banks representing multiple customers may make guaranteeing trades too expensive, a U.S. commodity regulator said today.
Enforcement lawyers at the U.S. Commodity Futures Trading Commission have dropped a policy of acting without approval to extend investigations, according to Scott O’Malia, a Republican member who opposed the practice.
The U.S. Commodity Futures Trading Commission is overreaching in its Dodd-Frank Act rulemaking, undermining efforts to provide certainty to the swaps market, according to Scott O’Malia, a Republican commissioner.
The U.S. Commodity Futures Trading Commission should delay an Oct. 2 registration deadline and give swap-trading platforms more time to meet Dodd-Frank Act regulations, Commissioner Scott O’Malia said.
The U.S. Commodity Futures Trading Commission agreed to defer to some overseas derivatives rules and left unresolved when many of its most important regulations will be imposed on foreign deals by companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co.