CFTC

CME Swaptions Clearing

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Risk Magazine recently broke the news that CME will be launching clearing for IR swaptions by November 3rd, pending CFTC approval.

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CFTC Examines DCOs and SEFs

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CFTC Examines DCOs and SEFs

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New CFTC head tackles OTC unintended consequences | risk article

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The new Chairman of the CFTC is making a fast start in tackling the unintended systemic risk consequences of Dodd-Frank's Title VII derivatives rules.  Could this avert a future FCM concentration risk crisis and enable legacy stockpiles of uncollateralized counterparty risk to be more easily reduced in response to the capital incentives?   Let's hope so.

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SEF MAT weeks 4 and 5 | US reportable IRS fixed float volumes

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A brief update - SEF MAT weeks 4 and 5 numbers show fixed float IRS fairly stable.  Using any one week to form conclusions is questionable.  A March weekly average compared with January weekly average shows the downward trend of US reportable EUR and GBP and the stubborn refusal of USD to shift proportionately on SEF consistent with my prior posts.  Also we can start to compare swapfutures vs IMM/MAC swaps volume - courtesy of Amir's helpful post - so far there's a real race it would seem.

What do the Numbers Say

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SEF MAT Week 3 numbers hide lack of real progress

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Another week is in the books and last week US reported IRS volumes perked back up close to averages.  Drilling down does not flatter SEF progress however given off SEF volumes increased substantially more than on SEF and only USD SEF MAT volumes increased.  The most important improvement factors (CLOB, standardization) are not easy to guage but anecdotally are going very slowly.

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DTCC reporting suit proceeds - should CFTC concede? | Reuters article

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A judged trimmed DTCC's lawsuit against CFTC's determination on CME rule 1001 but allowed the core of the action to proceed, according to a Reuters article.   Paradoxically the CFTC may be glad in the long run to concede the suit: if that is it serious about meaningful systemic risk information becoming available to it in any kind of reasonable time frame.

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C2D vs D2D split preserved despite SEF MAT | Bloomberg article

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It's worth reading this article: "Swaps revolution falling flat" from Bloomberg.  In a nutshell it says that after 2 weeks of SEF MAT, the split between dealer-to-dealer (D2D) and client-to-dealer (C2D) has been preserved.  I'm still wondering whether it will ever happen.

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CFTC causes ironic eTrading paper trail | Risk article

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Further to pushing eTrading offshore through footnote 88 of its SEF rules, another footnote (195) was clarified by CFTC to demand SEFs become a central source of paper ISDA master agreements for non-cleared products executed on their platforms - says a Risk article (subs. required).

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A handy summary of SEF MAT scope / schedule

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We now know nearly everything we need to know about the SEF go live schedule (apart from what the outcome will be on packaged trades).  Here's a handy summary.

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Weekly Roundup | US Regulation | 6 February 2014

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CFTC Cross-Border Guidance 'Has the Feel of a Rule', Lawyers Agree

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