CFTC

A Practical Guide to Executing Trades on US-Japanese Recognized Venues

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In July 2019, the Commodity Futures Trading Commission (CFTC) and the Japanese Financial Services Agency (JFSA) announced they had reached agreement on the mutual recognition of certain derivatives trading venues in the US and Japan, helping to improve efficiency in cross-border trading between participants in those countries.

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A Practical Guide to Executing Trades on US-Singapore Recognized Venues

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In March 2019, the Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) announced they had reached agreement on the mutual recognition of certain derivatives trading venues in the US and Singapore, helping to improve efficiency in cross-border trading between participants in those countries.

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Status of Financial Regulatory Leadership Changes

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As we look forward to fall, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper look on an agency-by-agency basis, including select senior staff.  We intend to continue to update this resourc

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The Volcker strip – making banking less regulated again

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US regulators have disclosed the much awaited revision of the Volcker Rule that had been taken on by the Trump administration. Wall Street has undoubtedly received a huge win, but who is likely to bear the losses?

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HKMA latest IM domino to fall

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Earlier today, the Hong Kong Monetary Authority announced their intention to adopt the BCBS/IOSCO’s revised implementation schedule.

Their updated deadlines are as
follows:

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Singapore and Korea join rush to delay IM

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The Korean Regulator, FSS, is the latest regulator to announce that they will adopt the BCBS/IOSCO guidelines for mitigating risk for non-cleared OTC contracts.

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IM Phase 5 to bifurcate

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Confirming recent market rumours, BCBS\IOSCO have today announced their recommendation to stagger IM Phase 5 implementation over a two year period. An adjusted Phase 5 will apply to firms with an AANA equal to or greater than USD\EUR 50bn and less than 750bn.

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Phase 5 mitigation mitigated

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Trailing in the wake of their northern neighbours, the CFTC have today issued a Staff Advisory confirming that there is no requirement for covered swap entities (CSEs) to put IM documentation and custody arrangements in place before the $50m threshold is reached.  As the conclusion to the Advisory notes:

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CFTC Shorts, Part 3

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 49 Problems but verification ain’t one

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Giancarlo Races to the Cross Border Line

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In his final speech to the FIA, Chairman Giancarlo last week discussed three cross border swaps proposals that he will schedule for Commission consideration before he steps down on July 15.  Giancarlo has been particularly focused during his tenure on advancing a cross border swaps framework based on regulatory deference for jurisdictions that have adopted comparable G-20 swaps reforms—a position he advocated in a White Paper

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