Regulation

15 for 15: Top Market Structure Trends to Watch in 2015

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Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint.  Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the current shape of the US equity market was once again brought to the forefront and the cost of capital continued its assault on the banking industry. […]

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Is This Prosecution a Spoof of a Real Manipulation Case?

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FATCA – is the pressure off?

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What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a U.S. Law introduced as a deterrent to US citizens, and green card holders who are living abroad, from avoiding paying US tax on global earnings. To ensure that its citizens are not avoiding tax, the IRS – under FATCA, require yearly reports from Foreign Financial Institutions (FFIs) containing the details of accounts held abroad by US taxpayers.

 

What are the timeframes?

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The Height of Absurdity: The Operation of the Government Hinges on Blanche Lincoln’s Brainchild

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There’s a whole lotta stupid in Frankendodd. A whole lot. The SEF Mandate is at the top of the list, but the “Swaps Pushout” isn’t far behind.

The Pushout was the brainchild of ex-Arkansas Senator Blanche Lincoln. (NB: I understand the risks of using “brain” in the same sentence as “Blanche Lincoln”.) Blanche, she of the historic 21 point annihilation in the 2010 midterms.

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More Transaction Reporting – now the energy markets turn

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The continued drive to eliminate market abuse in financial markets is now focusing on the energy trading markets. The already stretched reporting infrastructures of financial institutions have another transaction reporting requirement “REMIT” (Regulation on wholesale Energy Market Integrity and Transparency).  It’s time to learn some lessons from previous reporting regulation.

Tip 1: Understand the scope early – three areas to lock down :

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The GOP-led Congress will not repeal Dodd-Frank, nor should they

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Early in November I chaired the FTF DerivOps conference in NY.  The conversation in 2014 was a lot more about the market than it was at my first DerivOps in October 2008, when all we spoke about was what was wrong with the OTC derivatives market and who would the regulators do.  The event this […]


Bill: Kevin is always worth hearing, watch his video on why a wholesale repeal of Dodd Frank isn't going to happen.

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Regulating financial innovation

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Imagine in 2004, when Goldman Sachs and Deutsche Bank structured the first fully synthetic ABS CDOs, there had been a public consultation on the social value of the products. Or if a consultation had taken place when UK banks began selling interest rate swaps to small British companies, with the banks being forced to explain … Continued

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Delegated Reporting: a convenient but detrimental solution to the EMIR dual-sided reporting regime

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In the aftermath of the 2008 Global Financial Crisis, regulators imposed a requirement for transparency in global derivative markets. Trade reporting has emerged as central tenet within the new regulation, the aim of which is to identify and limit systemic risk associated with the OTC derivatives market.

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