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US Government Sends Final OTC Derivatives Regulations Proposals to Congress

Following the publication of its white paper on an overhaul of the OTC derivatives regulatory regime last month, the US government has finally sent its proposals to Congress, which will vote on them once it returns from its August recess. The proposals include requirements for the more vanilla end of the spectrum of these instruments…

HSBC Poaches JPMorgan’s Data Guru Serenita for Global Entity Services Role

Long-time data services stalwart and JPMorgan veteran, Peter Serenita has finally jumped ship to take up a new role at HSBC. After 28 years of loyal service at JPMorgan, Serenita has been poached by HSBC to take on the role of managing director and global head of Entity Services for its Global Banking and Global…

US Senate Banking Committee Closes Last Hearing of Summer with Ratings Agencies Discussions

During the last hearing before its August recess, the US Senate Banking Committee examined the current proposals circulating within the US regulatory community concerning ratings agencies. The Committee is expected to push through legislation on the subject in the autumn but took the opportunity this week to give the ratings agencies a further ear bashing….

CFTC Grants Eurex Clearing Approval to Clear US OTC Derivatives

The Commodity Futures Trading Commission (CFTC) has issued an order with respect to the multilateral clearing activities that Eurex Clearing intends to undertake in the United States for OTC derivative instruments. Eurex is a central counterparty licensed by the Bundesanstalt für Finanzdienstleistungaufsicht (BaFin) of the Federal Republic of Germany. In the order, the CFTC determined…

DTCC Values Additional CDS Contracts in Trade Information Warehouse at US$5.7 Trillion

The Depository Trust & Clearing Corporation (DTCC) reported today that 216,765 credit default swaps (CDS) contracts valued at approximately US$5.7 trillion in gross notional value were entered into its Trade Information Warehouse (Warehouse) by market participants in the global OTC derivatives market. These trade submissions met in part industry commitments made to the Federal Reserve…

FCAG Says Mark to Market Rules Not to Blame for Procyclical Nature of Market

The Financial Crisis Advisory Group (FCAG) has released its final report indicating that mark to market accounting standards did not fuel the procyclicality of the market. The group, which is the joint effort between the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB), established to tackle accounting standards in the…

SEC Grants ICE Clear Europe and Eurex Clearing Exemptions to Operate CDS CCPs

The Securities and Exchange Commission (SEC) has approved conditional exemptions that will allow ICE Clear Europe and Eurex Clearing to operate as central counterparties (CCPs) for clearing credit default swaps (CDS). These conditional exemptions provide the SEC with regulatory oversight of the CCPs and should enhance the quality of the CDS market and the Commission’s…

CFTC’s Gensler Calls for Interoperability for OTC Derivatives Clearing Market

Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), has this week elaborated on his desire for more competition to be introduced to the OTC derivatives clearing environment. Gensler testified before Congress to encourage the US government to introduce greater levels of standardisation within the market and the ability for market participants to be…

EDM Council Continues Campaign for Regulatory Recognition of Data’s Importance

The EDM Council has been a veritable hive of activity this year with its active campaign to get the regulatory community engaged in the issues surrounding data management. To this end, Mike Atkin, managing director of the industry body, has been on countless visits to US, UK and European legislators to ensure that data standardisation…

US on Course for SEC Mandated Crackdown on Ratings Agencies

Following the discussions earlier this year by US Congress to overhaul the beleaguered credit ratings agency business, this week the US Treasury released proposals aimed at reducing conflicts of interest within these agencies. The idea to change their fee structures was first tabled in April during a Securities and Exchange Commission (SEC) roundtable and these…