Tag Archives: swap dealer

Comparing Collateral Segregation Regimes for Uncleared Swap Margin

The proposed margin rules from the CFTC and the prudential regulators, when considered alongside the existing CFTC collateral segregation rules, present the potential for three different collateral segregation regimes applying to initial margin posted to a swap dealer. To compare the differences, we have created a chart of the three collateral segregation regimes.… Continue Reading

CFTC Approves Important Rule Amendment for Government-Owned Utilities and Their Swap Counterparties

On September 17, 2014, at the first Open Meeting of the Commodity Futures Trading Commission chaired by Timothy Massad, the CFTC approved an important amendment to its Dodd-Frank Act rules for government-owned electric and natural gas utilities and their swap counterparties. The rule amendment provides a permanent regulatory fix to a serious problem for utility special entities arising out of the CFTC rules published in 2012 defining which entities must register with the CFTC as "swap dealers."… Continue Reading

By When Do Swap Dealers Need to Register – October 2012 or January 2013?

Interesting piece today from Silla Brush in Bloomberg Businessweek entitled, “Swap Dealers May Get Until January To Register”. In sum, there appears to be ambiguity as to whether swap dealers need to register by mid-October 2012 or January 2013, due to the possibility of a “roll in” period that would not apply until the dealer crossed … Continue Reading

Part 1 – The Swap Dealer and Security-Based Swap Dealer Definitions Generally: A Step-by-Step Process For Analyzing the Definitions

Overview On April 18th, the Commodity Futures Trading Commission adopted CFTC Rule 1.3(ggg) and the Securities and Exchange Commission adopted Exchange Act Rule 3a71-1, to define the terms “swap dealer” and “security-based swap dealer,” respectively. Each rule is predicated upon a four-prong statutory definition, pursuant to which a market participant will be a dealer in swaps … Continue Reading

Announcement: A Multi-Part Series on Key Dodd-Frank Definitions: Swap Dealer, Major Swap Participant, Eligible Contract Participant

We are delighted to announce an upcoming multi-part series of postings that relate to the final rules for the definitions of swap dealer, security-based swap dealer, major swap participant, major security-based swap participant, and eligible contract participant. Structurally, this series will consist of 22 postings, organized as follows: General Topic Specific Subject Matter of Posting Swap … Continue Reading

On Deck for February 23rd CFTC Meeting: Swap Dealer Final Rule; Conflicts of Interest and Recordkeeping Final Rule for Swap Dealer; Proposed Rule for Large Notional Off-Facility Block Trades

Long Title, Short Posting CFTC meeting will be held on February 23rd at 9:30 a.m. EST. You can get more information including dial-in, webcast, etc. from the CFTC by clicking here. Good day. Good news about that swap dealer definitional rule (at least the uncertainty will be over). TSR… Continue Reading

PART 4: The Joint SEC / CFTC Proposal of December 7th – Refinements to the Eligible Contract Participant Definition

This is the fourth of a multi-part series on a December 7th rule proposal by the SEC and CFTC (the “Regulators”) to further define several key terms in Title VII of Dodd-Frank: swap dealer, security-based swap dealer, swap participant, major security-based swap participant, and eligible contract participant. In this posting, we ruminate regarding the Regulators’ rule proposal in … Continue Reading

PART 3: Miscellaneous Issues for Swap Dealers and SBS Swap Dealers Under the December 7th Joint SEC / CFTC Rule Proposal

This is the third of a multi-part series on a December 7th rule proposal by the SEC and CFTC (the "Regulators") to further define several key terms in Title VII of Dodd-Frank: swap dealer, security-based swap dealer, swap participant, major security-based swap participant, and eligible contract participant. In this posting, we ruminate regarding the Regulators’ rule proposal in … Continue Reading

PART 2: The December 7th SEC and CFTC Joint Rule Proposal: Exemptions and Exceptions for Swap and Security-Based Swap Dealing Activity

This is the second of a multi-part series on a December 7th rule proposal by the SEC and CFTC (the “Regulators”) to further define several key terms in Title VII of Dodd-Frank: swap dealer, security-based swap dealer, swap participant, major security-based swap participant, and eligible contract participant. In this posting, we ruminate regarding the Regulators’ rule proposal … Continue Reading

PART 1: Am I a swap dealer? (The SEC/CFTC Definition of Swap Dealer and Security-Based Swap Dealer)

This is the first of a multi-part series on a December 7th rule proposal by the SEC and CFTC (the "Regulators") to further define several key terms in Title VII of Dodd-Frank: swap dealer, security-based swap dealer, swap participant, major security-based swap participant, and eligible contract participant. In this posting, we ruminate regarding the Regulators rule proposal … Continue Reading

Announcement: Multi-Part Series on recent Joint SEC-CFTC Rule Proposal to Define Dealer, Major Participant and Eligible Contract Participant

Over the next several days, we will issuing a series of postings on the joint SEC/CFTC rule proposal released on December 7th and available here. PURPOSE OF THE PROPOSED RULES The purpose of the December 7th proposal was to further define key terms under Title VII of Dodd-Frank: swap dealer, security-based swap dealer, major swap participant, major … 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 Proposes Registration Rules for Swap Dealers and Major Swap Participants

Overview In a November 23rd Federal Register publication, the CFTC 1) proposed rules to establish registration requirements for swap dealers and major swap participants – collectively referred to in the rule proposal as “swaps entities” – and 2) sought comments in respect of those rules, as well as the extraterritorial application of the swap dealer … 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

November 10th CFTC Meeting on Fourth Series of Proposed Rules

Reminder: Public Meeting November 10th WHAT: CFTC to hold Public Meeting on Fourth Series of Proposed Rules. Topics  to be discussed: 1) Registration of Foreign Boards of Trade 2) Registration of swap dealers and major swap participants 3) Implementation of the Whistleblower provisions of Section 23 of the Commodity Exchange Act 4) Establishing and governing the … Continue Reading
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