Tag Archives: NDF

2015 CFTC Regulatory Agenda

As 2015 is now underway, we wanted to highlight some of the potential regulatory developments from the CFTC that may arise in the new year. Overall we expect 2015 to be a year of continued CFTC implementation of the Dodd-Frank rules and related "tweaks" to those rules to address the concerns of end-users and market participants.… Continue Reading

Potential New Clearing Determinations Under Consideration by the CFTC

By Andrew Cross and Tom Watterson The CFTC is currently reviewing clearing determinations for two new classes of swaps. The CFTC is currently reviewing what would be the first clearing determination for non-deliverable FX forwards (NDFs). The clearing determination would cover NDFs in USD with the following currencies: Brazilian real (BRL) Russian ruble (RUB) Indian … Continue Reading

Breaking- CFTC Staff Offers Relief from Reporting and SEF Rulebook Enforcement Obligations In a Series of Letters

By Andrew Cross and Tom Watterson Last night the CFTC Division of Market Oversight (“DMO”) released CFTC Letters 13-55, 13-56, and 13-57. CFTC Letters 13-56 and 13-57 are particularly relevant for market participants other than SEFs. CFTC Letter 13-55 provides no-action relief to the SEFs for compliance with the Part 43 reporting obligations and the … Continue Reading