Tag Archives: clearing

Approaching Ambiguities in the Financial Entity Definition

The third installment of our ongoing series on the 2014 CFTC Reauthorization Act covers a potential change to the definition of a "financial entity", which has been a particularly troublesome and confusing definition for end-users, and the banks that enter into swaps with them. In addition, the CFTC may be able to address the confusion through its rule making and interpretations, without the need for a legislative change.… Continue Reading

The Debt Ceiling Debate: It’s not Just for CDS Anymore

By Andrew Cross and Tom Watterson Last week ISDA announced that, in the event of a default by the U.S. on its debt following the failure to raise the debt ceiling, the sellers of CDS on U.S. debt would pay-out, at most, only $3.6 billion. The potential default, however, is also impacting the interest rate swap … Continue Reading

Derivatives Regulatory Update Calendar

A primary goal of The Swap Report is to present complex information in a "user friendly" manner. To this end, we are providing our readers with a "Derivatives Regulatory Update" Download file (.PDF), which combines recent CFTC and SEC derivatives regulatory activity in one convenient .PDF file. The information included consists of: 1) A summary of the … Continue Reading

CFTC to hold Public Meeting on December 1st on Sixth Series of Proposed Rules

Reminder: Public Meeting December 1st WHAT: CFTC to hold Public Meeting on Sixth Series of Proposed Rules.  Topics  to be discussed Core principles and other requirements for designated contract markets; General regulations for derivatives clearing organizations; Information management requirements for derivatives clearing organizations; Reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants; … Continue Reading

The October 26h Public Meeting: CFTC Rule 1.25, Anti-Manipulation, Disruptive Trading

Here is your report from this morning’s meeting – apologies upfront for length, but we wanted you to benefit from a full overview. Next three meetings will be: November 10th, November 19th and December 1st. OPENING REMARKS All of the Commissioners expressed concern about lack of adequate funding. Several commissioners also indicated the significance of … Continue Reading

CFTC and SEC to hold Joint Roundtable on Clearing of CDS

WHAT: CFTC-SEC Joint Roundtable on Clearing of Credit Default Swaps. Topics  to be discussed: 1) Products and Processing,  including reporting to swap data repositories 2) Clearing Initiatives, including effect of clearing mandates BENEFIT OF PARTICIPATING: Good "level setting" course on current state of CDS markets and expected effect of Dodd-Frank on those markets WHO MAY BE INTERESTED IN … Continue Reading