Risk.net August 15, 2011 The Swap Execution Facility Clarification Act, introduced to the US Congress on July 19 by Republican congressman Scott Garrett calls for restraint in rulemaking directed at swap execution facilities at the risk of "driving the swaps market to our foreign competitors simply because regulators have resisted providing the methods of swap execution that market participants require". Among other requirements, the Act would prohibit the CFTC and SEC from interpreting the SEF definition to require a minimum number of participants to receive or respond to quote requests, or
On Thursday the CFTC held a public meeting to consider a final rule on core principles and other requirements for designated contract markets and a proposed order amending the effective date for swap regulation. Statements: Statement on the Proposed Exemptive Order Regarding Certain Dodd-Frank Effective Dates (Commissioner Gary Gensler) Concurrence Statement on the Amendment to the July 17, 2011 Exemptive Order (Commissioner Scott O'Malia) The Draft CFTC 2012 Rulemaking Schedule (Commissioner Scott O'Malia) “Lettuce Produce” (Commissioner Bart Chilton) To view additional materials from this
Ranking Member of the House Committee on Agriculture Glenn Thompson (R-PA) released a revised draft of the Digital Commodity Exchange Act, a bill "to bring certainty to developers, intermediaries, and customers in the digital asset marketplace by establishing clearly defined rules."
A Bank of England Staff Working Paper found that the overall "improvements in transparency brought about by the Dodd-Frank trading mandate have substantially improved interest rate swap market liquidity."
A New York City-based company settled CFTC charges for offering off-exchange, event-based binary options contracts and for failing to obtain designation as a designated contract market or registration as a swap execution facility.