Regulation 2013: Dodd-Frank Position Limits, CFTC Reuthorization, Regulatory Harmonization
The U.S. House has passed a bill that will loosen the federal government’s grip over the trading of foreign derivatives....more
The Derivatives in Review highlights important legal, regulatory and other newsworthy developments in the area of derivatives....more
Although reconciliation of the key terms has been a best practice for over-the-counter derivative trades for some time (particularly with collateralised trades), the scale of the reconciliation exercise imposed by forthcoming...more
The International Swaps and Derivatives Association (ISDA) has released a new credit support annex (CSA) in an attempt to increase efficiency and improve the standardization in the over-the-counter (OTC) derivatives market....more
CFTC chairman, Gary Gensler, is set to meet with European financial regulators on June 20th in Montreal, reports The Wall St. Journal....more
Introduction - Energy trading houses have progressively emerged as major players in the worldwide energy sector, matching supply and demand by purchasing, reselling, and shipping commodities across the globe. While...more
Can the claim term "substantially pure" mean two different things when the specification uses the same term to refer to both an intermediate compound and a final drug product in a specification? ...more
On May 16, 2013, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted several rules relating to swap execution. These much-anticipated rules make three significant changes to the regulatory framework of...more
In the immediate aftermath of the crisis, it’s possible that those who identified securitisation as a financing model, rather than loan origination practices, as a principal cause of the crisis were all too ready to charge...more
When Cyprus and the Eurogroup (consisting of finance ministers of the EU member states having the Euro as their currency) decided on the terms of a memorandum of understanding with Troika (consisting of the European...more
As widely reported, in the latest Lehman bankruptcy “fundraiser,” managers of the Lehman estate are now demanding millions of dollars from non-profit retirement homes, colleges and hospitals. Lehman claims that it was somehow...more
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
Wall street bankers and some of the top finance ministers in the world are engaged in an intense battle with the Commodity Futures Trading Commission, as they attempt to stop the agency from extending their regulatory powers...more
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
In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more
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
New clearing, risk mitigation, and reporting obligations imposed on certain derivative contracts. On 15 March, the first six implementing measures of the European Market Infrastructure Regulation (EMIR) entered into...more
The options industry is attempting to stop a proposal that would tax most financial derivatives on a market-to-market basis, that values positions based on their fair value....more
President Obama’s recently released budget proposal for the 2014 fiscal year contains energy-related tax provisions that include a permanent extension of the renewable energy production tax credit (PTC) and a provision making...more
A few provisions of the Regulation on Derivative Transactions, Central Counterparties and Trade Repositories, known as the European Market Infrastructure Regulation 648/2012 (“EMIR”) are now in effect throughout the European...more
CME Group, the U.S. based derivatives exchange is in the process of applying for a license to the European Securities and Markets Authority (ESMA) in an effort to become a trade repository in Europe....more
On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more
The Australian Securities & Investments Commission (ASIC) recently released Consultation Paper 205 Derivative transaction reporting (CP 205) seeking feedback on its proposals to implement a derivative transaction reporting...more
In This Issue: Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Congress returned from a two-week recess and the...more
In the wake of the financial crisis, global regulators have endeavored to undertake significant regulatory reform of the swaps markets. In 2009, the members of the G-20 agreed that: (i) the OTC derivatives contracts should be...more
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