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Elan Mendel

Elan Mendel

Shipkevich PLLC


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SEF Rules Approval Leads To Early December Projection For Transacting All Standardized Swaps On SEFs

With the CFTC’s approval of the SEF rules last Thursday, swap users and would-be SEFs are targeting early December as the time when all swap users will be transacting standardized swaps on SEFs....more

5/20/2013 - CFTC Dodd-Frank SEFs Swaps

CFTC Approves Trade Execution Rules

At 10:00 a.m. on Thursday, the CFTC held an open meeting to consider trade execution rules and interpretive guidance regarding anti-disruptive trading practices authority....more

5/17/2013 - CFTC Swaps Trading Plans

CFTC To Investigate EFS Trades In Energy And Metal Markets

The Commodity Futures Trading Commision (CFTC) is investigating a large number of trades in energy and metal markets to determine whether traders illegally used over-the-counter swaps markets to trade futures....more

5/15/2013 - CFTC Dodd-Frank Futures Metals Swap Market

CFTC Considering Lower Price Quote Requirement For Dodd-Frank Swap Rule

The Commodity Futures Trading Commission (CFTC) is reportedly contemplating lowering the number of price quotes a buyer is required to request before trading swaps....more

5/9/2013 - CFTC Dodd-Frank Price Quotes Swaps

U.S. Treasury Advises Against Dodd-Frank Alterations

The U.S. Treasury Department is opposing a number of proposals that would alter new derivatives regulations in the Dodd- Frank Wall Street Reform Act....more

5/8/2013 - CFTC Derivatives Dodd-Frank Proposed Regulation U.S. Treasury

DTCC Sues CFTC Over “Anti-Competitive Swap Trading Data Rules”

The Depository Trust & Clearing Corp. (DTCC) sued the Commodity Futures Trading Commission (CFTC) on Friday claiming that the derivatives regulator made “anti-competitive rules,” regarding swap trading data, that favor two...more

5/6/2013 - Anti-Competitive CFTC Dodd-Frank DTCC Swaps

Bart Chilton To Propose Derivative Transaction Fee

Bart Chilton, Commissioner of the Commodity Futures Trading Commission (CFTC), plans to propose a transaction fee for derivative markets to help fund his agency and tighten regulation....more

5/1/2013 - Bart Chilton CFTC Derivatives Federal Budget Transaction Fees

SEC To Propose Cross-Border Rules For Security Swaps

U.S. regulators intend to submit a proposal next week that will outline how new rules governing over-the-counter derivatives will affect cross-border transactions....more

4/29/2013 - CFTC Cross-Border Transactions Default Derivatives SEC

EU Swaps-Clearing Clash

European Union (EU) delegates are unable to settle a dispute between Germany and the U.K. regarding derivatives-clearing competition, requiring the discussion to begin again on draft legislation. Ireland, which holds the EU’s...more

4/22/2013 - Competition Derivatives Clearing Organizations EU High Frequency Trading MiFID Position Limits

Swaps Clearing Deadline Nears

Swaps clearing deadline nears, as close to 250 to 300 U.S. investment managers are required to begin clearing swaps transactions by June 10th. According to Reuters, asset managers have been slow to create accounts with...more

4/15/2013 - Proposed Regulation Swap Clearing Swap Market Swaps

CFTC Finalizes Rule On Persons Associated With Swap Dealers

The Commodity Futures Trading Commission (CFTC) announced today their plan to finalize regulations to clarify rules concerning persons associated with swap dealers....more

4/9/2013 - CFTC Major Swap Participants Swap Dealers Swaps

Federal Reserve Adopts Final Rule For Nonbank Firms

The U.S. Federal Reserve has approved a final rule that will clarify the process that the new U.S. risk council will follow when designating nonbank financial firms. The new rule sets requirements for determining when a...more

4/5/2013 - Dodd-Frank Federal Reserve Final Rules FSOC New Legislation Nonbank Firms

CFTC Exempts Interaffiliate Trades From Dodd-Frank Clearing

The CFTC has adopted a rule that exempts interaffiliate trades from the Dodd-Frank Act requirements for clearing. Barclays, JPMorgan Chase & Co., and other banks are among those exempt from the Dodd-Frank Act swap market...more

4/2/2013 - Barclays CFTC Dodd-Frank JPMorgan Chase Mandatory Clearing Requirements Reporting Requirements Required Documentation Swap Market Swaps

Japan Launches LNG Futures Contract

Japan plans to launch the world’s first futures contract for liquefied natural gas, also known as LNG. This marks the country’s latest step toward creating a global market for fuel....more

4/1/2013 - Futures Liquid Natural Gas

Oil Industry Avoids Swaps Rules

Oil industry companies have largely managed to avoid the scrutiny of derivatives trading and registration as swap dealers, according to Reuters. In January of this year, the CFTC required that companies register as dealers if...more

3/28/2013 - CFTC Oil & Gas Swap Dealers Swaps

LCH.Clearnet Cites ‘Major’ Tech Failure In December

LCH.Clearnet Ltd., one of the world’s largest interest-rate swap clearinghouse, cited a “major” information technology failure on December 31st of last year. The IT failure affected payment processing in the U.K. and...more

3/26/2013 - Derivatives Clearing Organizations Equipment Failure Swaps

CFTC’s No Action Letter Provides Relief From Required Clearing

The CFTC’s Division of Clearing and Risk issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps.” These are swaps that remain after the partial novation or partial termination...more

3/21/2013 - CFTC Mandatory Clearing Requirements No-Action Letters Novation Stub Swaps Swaps

CME Group Launches Swaps Clearing In London

CME Group Inc. has launched a clearing service for interest rate swaps in London. The news comes a week after U.S. regulators began implementing mandates for rate swap clearing at CME’s headquarters....more

3/19/2013 - CME EU Interest Rate Swaps Mandatory Clearing Requirements OTC Swaps

CFTC Fines $3.5 Million In FX Fraud

The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court order for more than $3.5 million in restitution and civil monetary penalties against Nicholas Trimble and his two companies, Capstone FX...more

3/15/2013 - Asset Management CFTC Civil Monetary Penalty Commodity Pool Fraud Permanent Injunctions

SEC Nominee White Vows ‘Bold And Unrelenting’ Enforcement

U.S. Securities and Exchange Commission (SEC) nominee Mary Jo White, intends to tell lawmakers that she will bring a “bold and unrelenting” enforcement program to the agency if she is confirmed by the U.S. Senate....more

3/12/2013 - Confirmation Proceedings Mary Jo White SEC

CFTC’s Berkovitz Steps Down

The U.S. Commodity Futures Trading Commission (CFTC) announced on Friday the departure of General Counsel Dan M. Berkovitz. Mr. Berkovitz ends a 30-year career with the Federal government, and has served as the CFTC’s General...more

3/11/2013 - CFTC Dan Berkovitz Dodd-Frank

Dodd-Frank Swaps Reform Undertaken By Bipartisan Group

U.S. House and Senate lawmakers introduced legislation that would facilitate more swaps trading to be conducted at banks that have federal insurance by repealing a part of the Dodd-Frank Act....more

3/7/2013 - Dodd-Frank Swaps

FSA Report Reveals Poor Management

An internal report commissioned by the Financial Services Authority (FSA) revealed rate-rigging, highlighting how the regulator ignored or failed to follow up on a series of problems with the rates. The report, published...more

3/6/2013 - Barclays Financial Services Authority Libor

CFTC Charges Agape Entities With Futures Trading Scheme

The U.S. Commodity Futures Trading Commission (CFTC) has charged Agape World, Inc. and Agape Merchant Advance with defrauding customers of tens of millions of dollars in a commodity futures trading scheme. The CFTC’s press...more

3/1/2013 - CFTC Chapter 7 Debtors Futures Investment Schemes Securities Fraud

Gensler Criticizes Libor At CFTC Roundtable

Gary Gensler, the U.S. Commodity Futures Trading Commission (CFTC) head addressed a roundtable yesterday as part of the International Organization of Securities Commissions (IOSCO Task Force). In his opening remarks to the...more

2/27/2013 - Benchmarks CFTC Financial Services Authority IOSCO Libor Roundtable

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