In an open meeting, the CFTC approved three final rules: (i) one concerning position limits for derivatives, (ii) one extending the Phase VI compliance date of the margin requirements for uncleared swaps for swap dealers and major swap participants, and (iii) one exempting certain foreign intermediaries from the requirement to register as CPOs.
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University of Houston Finance Professor Craig Pirrong analyzed Commissioner Dan Berkovitz's support for Dodd-Frank reforms that "have in fact likely increased concentration" by increasing fixed regulatory costs for those operating in this sector.
CFTC Commissioner Dan M. Berkovitz advised the CFTC to focus on (i) increasing competition in the derivatives markets and (ii) setting speculative position limits with exemptions for bona fide hedging activities.
CFTC Commissioner Dawn D. Stump outlined "common sense" fixes on position limits, swap execution facilities, the treatment of non-U.S. central counterparty clearing, a cross-border swaps rule and the implementation of initial margin for uncleared swaps.
At an Energy Risk Conference, CFTC Commissioner Dan Berkovitz said the CFTC should address developments in the energy derivatives market with policies and regulations that facilitate competition.