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Reuters February 10, 2011 Traders in physical commodity markets from grains to oil to sugar and gas are worried that a U.S. government push to regulate opaque over-the-counter trading will disrupt their business. At issue is scrutiny by the CFTC on trading by cash merchants of contracts for things like grain barges or oil tank cars, as "paper" commodities. One grain merchandiser explained that the problem is lack of CFTC definition now that could bite traders later. "The rule says if you have the physical intent to deliver then it's not a swap. But what happens is everybody has physical intent

Dow Jones February 10, 2010 Members of Congress and industry executives bemoaned the speed with which new rules for the $583 trillion over-the-counter derivatives market are being pushed through in the U.S. They also raised concerns about agencies' rush to introduce swap-trading rules amid huge budgetary constraints that could impede their ability to police the market effectively. Cross References Dodd-Frank Act, Title VII

Reuters February 10, 2011 Businesses that use over-the-counter derivatives to hedge their risks still face the specter of higher costs if swaps dealers are forced to put up capital for the deals, a Republican commissioner at the U.S. futures regulator warned on Thursday. CFTC Commissioner Scott O'Malia stated: " We need to be very sensitive if we're going to assess a capital charge on swap dealers for all their uncleared trades, that's going to have an impact on end users." O'Malia said he was "very pleased" that Gary Gensler, the chairman of the CFTC, took pains at a Capitol Hill hearing on

Reuters February 10, 2011 CFTC Chairman Gensler sought to ease the fears of lawmakers and businesses about the costs and scope of regulations for the over-the-counter swaps market, while admitting the agency was falling behind in rolling out the new rules. The overflowing hearing was civil, but lawmakers put Gensler on notice they would scrutinize the outcome of the CFTC's work. Highlights of the hearing: "Some of these rules will be put in place after July," Gensler said, noting the agency would take a "pause period" in February and March to consider public comments. End User Margin : "I

MFA Comment Letter RIN 3038-AC96 February 28, 2011 MFA submitted a comment letter to the CFTC on its proposal on "Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants." MFA asked the CFTC to further consider the implications of its proposed confirmation timing requirements and clarify the requirement to process transactions electronically. It also recommended that the CFTC require position level portfolio reconciliation only for market participants that do not regularly exchange collateral on their derivatives exposure and