MarketsReformWiki - Recent changes [en]

Template:US news

2012-05-18T06:19:18Z

← Older revision		Revision as of 06:19, 18 May 2012
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-	<div class="item">[http://jlne.ws/~~KhB7FR~~ OCC's Curry: Regulators Working To Define Hedging]</div>	+	<div class="item">[http://jlne.ws/JmzI5g CFTC Considers Loosening Dodd-Frank Speculation Limits]</div>
		+	<div class="item">[http://jlne.ws/JmzHhA Intercontinental Says SEC Fails to Act on Swaps Clearing]</div>
		+	<div class="item">[http://jlne.ws/KT9CoE US CFTC to unveil guidance for non-US dealers soon]</div>
		+	<div class="item">[http://jlne.ws/JmBN19 OCC's Curry: Regulators Working To Define Hedging]</div>
	<div class="item">[http://jlne.ws/KhARH3 US Comptroller Of Currency Warns Of Operational Risk At Banks]</div>		<div class="item">[http://jlne.ws/KhARH3 US Comptroller Of Currency Warns Of Operational Risk At Banks]</div>
-	~~<div class="item">[http://jlne.ws/KT9CoE Review & Outlook: Pledge Week at the Fed]</div>~~	+
-	~~<div class="item">[http://jlne.ws/KiGLaY Options Industry Blasts FATCA Proposal]</div>~~	+
-	~~<div class="item">[http://jlne.ws/Jdc5Mg Dodd-Frank Swaps Legislation Delayed After JPMorgan Trade Losses]</div>~~	+
-	~~<div class="item">[http://jlne.ws/L0pQcJ US Senate Panel To Look At Derivatives Regulation]</div>~~	+

Swap Data Regulation - Comment Letters

2012-05-17T17:57:46Z

← Older revision		Revision as of 17:57, 17 May 2012
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	==CFTC Comment Letters==		==CFTC Comment Letters==
	===Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades===		===Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades===
		+	== [[Swap Data Regulation - Comment Letter - Wholesale Markets Brokers Association - May 2, 2012\|Wholesale Markets Brokers Association - May 2, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 2, 2012''
		+
		+	From the comment letter:
		+	“The potential implementation of the CFTC’s Proposed Rules, when combined with certain provisions of the SEF Proposal, almost certainly will produce an outcome that is arbitrary, capricious, or manifestly contrary to the statute. The CFTC should strongly reconsider implementation of this regime, as it is inconsistent with statutory authority and would cause irreparable harm to OTC markets… In addition to being inconsistent with the plain statutory language adopted by Congress, the WMBAA believes that imposition of such a restrictive regime will severely impair and fragment the liquidity in OTC swaps markets that rely on anything other than a fully electronic central limit order book or request for quote systems, such as voice-based systems or hybrid systems, which contain a voice component to create liquidity.”
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Wholesale Markets Brokers Association - May 2, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - Morgan Stanley - May 11, 2012\|Morgan Stanley - May 11, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 11, 2012''
		+
		+	In their letter, Morgan Stanley focuses primarily on the “macro-economic issues involving Block Size Rules and their interaction with certain other proposed and final rules. In particular, [they] are concerned that the Block Size Rules will result in reduced liquidity in the swaps market for all market participants.” Morgan Stanley believes that the Block Size Rule is “critical to the future success of OTC swap markets. It is the ‘final check’ that ensures an appropriate balance between transparency and liquidity. Unfortunately, [they] believe that the rule as proposed will not get the job done.”
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Morgan Stanley - May 11, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - Investment Company Institute - May 14, 2012\|Investment Company Institute - May 14, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 14, 2012''
		+
		+	The ICI appreciates that the ‘CFTC intended the re-proposal to provide a more tailored approach, one that would increase the transparency of swap transactions without damaging liquidity in the swap markets. We remain concerned, however, that the proposed swap categories are too broad – grouping swaps with vastly different liquidity profiles together – and that the proposed 67-percent notional amount calculation would result in too high a threshold for block trades. We recommend that the CFTC analyze the swap data that it will receive from repositories to refine further the swap categories that will pool swaps with similar liquidities. Moreover, we respectfully urge the CFTC to adopt the 50-percent notional amount calculation that was suggested by the Commission as an alternative approach and to phase-in this standard over a period of time for very illiquid categories of swaps. We also recommend some modifications to the frequency of the calculation as well as the data used in the calculation. We provide our comments in more detail below.”
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Investment Company Institute - May 14, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - Freddie Mac - May 14, 2012\|Freddie Mac - May 14, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 14, 2012''
		+
		+	From the comment letter:
		+	“Freddie Mac supports the goal of increasing transparency in the swaps markets. We are concerned, however, that the Proposal’s relevant minimum block sizes will materially reduce market liquidity. Therefore, Freddie Mac urges the Commission to consider reducing these minimum block sizes. Specifically, we recommend that the Commission adopt a 50-percent notional amount calculation methodology for determining the appropriate minimum block sizes for interest rate swaps. Thereafter, as the Commission obtains more comprehensive data about the liquidity of the swaps markets over time, it might consider raising the minimum block sizes.”
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Freddie Mac - May 14, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - ISDA/SIFMA - May 14, 2012\|ISDA/SIFMA - May 14, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 14, 2012''
		+
		+	In their comment letter, ISDA and SIFMA comment that:
		+	# The appropriate minimum block size framework set forth in proposed section 43.6(b) at the asset class, category, and currency grouping levels is not sufficiently granular to consider vast differences in the trading frequency and volume of different swap products within those categories.
		+	# In product categories or currencies that trade below a certain frequency threshold, all transactions should be treated as block transactions.
		+	# The Commission should revise its proposed methodology for determining appropriate minimum block sizes from a 67% notional amount calculation to a 50% notional amount calculation in order to align the ratio of block size to daily volume in the swaps market to a level more similar to that of futures markets.
		+	# The Commission should revise its trimmed data set mechanism, which is currently calibrated such that it would fail to exclude even the largest transactions done in swaps markets, thus failing to preclude a very large transaction from substantially skewing the block threshold.
		+	# The Commission should set the initial cap size as the lower of the relevant block size or interim cap size, and set the cap size equivalent to the relevant block size during the post-initial phase.
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - ISDA/SIFMA - May 14, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - Barclays - May 14, 2012\|Barclays - May 14, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 14, 2012''
		+
		+	Barclays believes that:
		+	* all product/transaction types that are not ‘made available to trade’ and mandated to transact on SEFs (or DCMs) should be reported as blocks for the purpose of post-trade reporting with appropriately calibrated delays
		+	* for all swap categories, when there are no more than three transactions per business trading day in the instrument these swap categories be treated as blocks for the purpose of post trade reporting
		+	* a multi-dimensional treatment of block sizes for options is needed in order to provide the scalars necessary to set block sizes that reflect the fundamentals of option contracts and products
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Barclays - May 14, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - Managed Funds Association - May 14, 2012\|Managed Funds Association - May 14, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 14, 2012''
		+
		+	MFA recognizes that the “Commission has a difficult task in balancing the twin statutory goals of enhancing pre- and post-trade transparency in the swaps market on the one hand, while also ensuring that market liquidity is not adversely impacted on the other hand. If minimum block sizes are set too low, we believe inadequate market transparency could harm price competition and lead to wider bid/ask spreads. Conversely, if minimum block sizes are set too high, market liquidity could be adversely affected if market-makers (i) become reluctant to transact in size for fear of being unable to hedge their risks before public disclosure causes adverse price movement in the market; or (ii) quote wider bid/ask spreads to offset this incremental risk. MFA’s overarching concern is that the cost of erring in either direction will likely be borne by the end user.”
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Managed Funds Association - May 14, 2012]]
		+	</imagemap>
		+
		+	== [[Swap Data Regulation - Comment Letter - Vanguard - May 14, 2012\|Vanguard - May 14, 2012]] ==
		+	'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
		+	''May 14, 2012''
		+
		+	For the reasons outlined below, “Vanguard supports a phased implementation allowing time for data assessment, swap categorization and block size determinations to preserve liquid swap trading that is fundamental to financial markets and risk management:
		+	* While critical risk issues presented by the market events of 2008 are appropriately targeted by reforms addressing non-public reporting, margining, and central clearing; the more aspirational goal of enhanced competitiveness through price transparency must be tempered by the fundamental objective of preserving market liquidity.
		+	* Given the extremely short time delay proposed for the public reporting of market-moving block trades, it is imperative to focus on the size and volume of trades in each swaps category that can be immediately publically reported without market-moving impact.
		+	* Notwithstanding the CFTC’s expanded list of swaps categories, a much more granularized approach is needed to recognize distinct liquidity pools in assessing appropriate block trade sizes for each category.
		+	* The CFTC’s uniform, and seemingly arbitrary block size formula must be rejected in favor of a much more nuanced approach focused on minimizing market impact, where the block size is tailored for each swaps category with the possibility for all trades in a particularly illiquid category to achieve block treatment.”
		+
		+	<imagemap>
		+	Image:read_comment_letter.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letter - Vanguard - May 14, 2012]]
		+	</imagemap>

	===Pre-enactment and Transition Swap Data Recordkeeping and Reporting Requirements===		===Pre-enactment and Transition Swap Data Recordkeeping and Reporting Requirements===

Swap Data Regulation - Comment Letter - Vanguard - May 14, 2012

2012-05-17T17:48:24Z

Created page with "{{Timeline-Block Trade Minimum Size, Protection of Identities}} <div id="pagefloat"> <div class="content"> <div class="headerimage">File:mrw_links.png‎</div> <div class="it..."

New page

{{Timeline-Block Trade Minimum Size, Protection of Identities}}
<div id="pagefloat">
<div class="content">
<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Vanguard_Group_Inc. Vanguard]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 14, 2012''

For the reasons outlined below, “Vanguard supports a phased implementation allowing time for data assessment, swap categorization and block size determinations to preserve liquid swap trading that is fundamental to financial markets and risk management:
* While critical risk issues presented by the market events of 2008 are appropriately targeted by reforms addressing non-public reporting, margining, and central clearing; the more aspirational goal of enhanced competitiveness through price transparency must be tempered by the fundamental objective of preserving market liquidity.
* Given the extremely short time delay proposed for the public reporting of market-moving block trades, it is imperative to focus on the size and volume of trades in each swaps category that can be immediately publically reported without market-moving impact.
* Notwithstanding the CFTC’s expanded list of swaps categories, a much more granularized approach is needed to recognize distinct liquidity pools in assessing appropriate block trade sizes for each category.
* The CFTC’s uniform, and seemingly arbitrary block size formula must be rejected in favor of a much more nuanced approach focused on minimizing market impact, where the block size is tailored for each swaps category with the possibility for all trades in a particularly illiquid category to achieve block treatment.”

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== References ==
<references />

[[Category:Vanguard Comment Letters]]
[[Category:Vanguard]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - Managed Funds Association - May 14, 2012

2012-05-17T17:46:05Z

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New page

{{Timeline-Block Trade Minimum Size, Protection of Identities}}
<div id="pagefloat">
<div class="content">
<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/MFA MFA]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 14, 2012''

MFA recognizes that the “Commission has a difficult task in balancing the twin statutory goals of enhancing pre- and post-trade transparency in the swaps market on the one hand, while also ensuring that market liquidity is not adversely impacted on the other hand. If minimum block sizes are set too low, we believe inadequate market transparency could harm price competition and lead to wider bid/ask spreads. Conversely, if minimum block sizes are set too high, market liquidity could be adversely affected if market-makers (i) become reluctant to transact in size for fear of being unable to hedge their risks before public disclosure causes adverse price movement in the market; or (ii) quote wider bid/ask spreads to offset this incremental risk. MFA’s overarching concern is that the cost of erring in either direction will likely be borne by the end user.”

{{#widget:Scribd
|id=93969062
|access_key=key-q1jjmsxmuz3t7ch0x59
|width=95%
|height=500
}}
== References ==
<references />

[[Category:MFA Comment Letters]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - Barclays - May 14, 2012

2012-05-17T17:44:13Z

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New page

{{Timeline-Block Trade Minimum Size, Protection of Identities}}
<div id="pagefloat">
<div class="content">
<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Barclays Barclays]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 14, 2012''

Barclays believes that:
* all product/transaction types that are not ‘made available to trade’ and mandated to transact on SEFs (or DCMs) should be reported as blocks for the purpose of post-trade reporting with appropriately calibrated delays
* for all swap categories, when there are no more than three transactions per business trading day in the instrument these swap categories be treated as blocks for the purpose of post trade reporting
* a multi-dimensional treatment of block sizes for options is needed in order to provide the scalars necessary to set block sizes that reflect the fundamentals of option contracts and products

{{#widget:Scribd
|id=93969040
|access_key=key-daq4y03qahhndh2hrby
|width=95%
|height=500
}}
== References ==
<references />

[[Category:Barclays]]
[[Category:Barclays Comment Letters]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - ISDA/SIFMA - May 14, 2012

2012-05-17T17:40:53Z

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{{Timeline-Block Trade Minimum Size, Protection of Identities}}
<div id="pagefloat">
<div class="content">
<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/SIFMA SIFMA]</div>
<div class="item">[http://www.marketswiki.com/mwiki/ISDA ISDA]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 14, 2012''

In their comment letter, ISDA and SIFMA comment that:

# The appropriate minimum block size framework set forth in proposed section 43.6(b) at the asset class, category, and currency grouping levels is not sufficiently granular to consider vast differences in the trading frequency and volume of different swap products within those categories.
# In product categories or currencies that trade below a certain frequency threshold, all transactions should be treated as block transactions.
# The Commission should revise its proposed methodology for determining appropriate minimum block sizes from a 67% notional amount calculation to a 50% notional amount calculation in order to align the ratio of block size to daily volume in the swaps market to a level more similar to that of futures markets.
# The Commission should revise its trimmed data set mechanism, which is currently calibrated such that it would fail to exclude even the largest transactions done in swaps markets, thus failing to preclude a very large transaction from substantially skewing the block threshold.
# The Commission should set the initial cap size as the lower of the relevant block size or interim cap size, and set the cap size equivalent to the relevant block size during the post-initial phase.

{{#widget:Scribd
|id=93969058
|access_key=key-gh5nout0t1njrxvs4o8
|width=95%
|height=500
}}
== References ==
<references />

[[Category:ISDA]]
[[Category:ISDA Comment Letters]]
[[Category:SIFMA]]
[[Category:SIFMA Comment Letters]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - Freddie Mac - May 14, 2012

2012-05-17T17:38:03Z

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{{Timeline-Block Trade Minimum Size, Protection of Identities}}
<div id="pagefloat">
<div class="content">
<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Freddie_Mac Freddie Mac]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 14, 2012''

From the comment letter:

“Freddie Mac supports the goal of increasing transparency in the swaps markets. We are concerned, however, that the Proposal’s relevant minimum block sizes will materially reduce market liquidity. Therefore, Freddie Mac urges the Commission to consider reducing these minimum block sizes. Specifically, we recommend that the Commission adopt a 50-percent notional amount calculation methodology for determining the appropriate minimum block sizes for interest rate swaps. Thereafter, as the Commission obtains more comprehensive data about the liquidity of the swaps markets over time, it might consider raising the minimum block sizes.”

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== References ==
<references />

[[Category:Freddie Mac Comment Letters]]
[[Category:Freddie Mac]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - Investment Company Institute - May 14, 2012

2012-05-17T17:35:38Z

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{{Timeline-Block Trade Minimum Size, Protection of Identities}}
<div id="pagefloat">
<div class="content">
<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/ICI ICI]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 14, 2012''

The ICI appreciates that the ‘CFTC intended the re-proposal to provide a more tailored approach, one that would increase the transparency of swap transactions without damaging liquidity in the swap markets. We remain concerned, however, that the proposed swap categories are too broad – grouping swaps with vastly different liquidity profiles together – and that the proposed 67-percent notional amount calculation would result in too high a threshold for block trades. We recommend that the CFTC analyze the swap data that it will receive from repositories to refine further the swap categories that will pool swaps with similar liquidities. Moreover, we respectfully urge the CFTC to adopt the 50-percent notional amount calculation that was suggested by the Commission as an alternative approach and to phase-in this standard over a period of time for very illiquid categories of swaps. We also recommend some modifications to the frequency of the calculation as well as the data used in the calculation. We provide our comments in more detail below.”

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== References ==
<references />

[[Category:ICI Comment Letters]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - Morgan Stanley - May 11, 2012

2012-05-17T17:33:37Z

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<div id="pagefloat">
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<div class="headerimage">[[File:mrw_links.png‎]]</div>
<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Morgan_Stanley Morgan Stanley]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 11, 2012''

In their letter, Morgan Stanley focuses primarily on the “macro-economic issues involving Block Size Rules and their interaction with certain other proposed and final rules. In particular, [they] are concerned that the Block Size Rules will result in reduced liquidity in the swaps market for all market participants.” Morgan Stanley believes that the Block Size Rule is “critical to the future success of OTC swap markets. It is the ‘final check’ that ensures an appropriate balance between transparency and liquidity. Unfortunately, [they] believe that the rule as proposed will not get the job done.”

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== References ==
<references />

[[Category:Morgan Stanley Comment Letters]]
[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation - Comment Letter - Wholesale Markets Brokers Association - May 2, 2012

2012-05-17T17:29:58Z

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<div id="pagefloat">
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<div class="item">[[Swap Data Regulation ]]</div>
<div class="item">[[Swap Data Regulation - Comment Letters]]</div>
<div class="item">[[Swap Data Regulation - White Papers]]</div>
<div class="item">[[CFTC Open Meeting, November 19, 2010]]</div>
<div class="item">[[CFTC Open Meeting, April 12, 2011]]</div>
</div>
<div class="content"><div class="headerimage">[[File:mw_links.png‎]]</div>
<div class="item">[http://www.marketswiki.com/mwiki/CFTC Commodity Futures Trading Commission]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Wholesale_Market_Brokers_Association WMBA]</div>
</div>
</div>

'''Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades'''<br>
''May 2, 2012''

From the comment letter:

"The potential implementation of the CFTC’s Proposed Rules, when combined with certain provisions of the SEF Proposal, almost certainly will produce an outcome that is arbitrary, capricious, or manifestly contrary to the statute. The CFTC should strongly reconsider implementation of this regime, as it is inconsistent with statutory authority and would cause irreparable harm to OTC markets… In addition to being inconsistent with the plain statutory language adopted by Congress, the WMBAA believes that imposition of such a restrictive regime will severely impair and fragment the liquidity in OTC swaps markets that rely on anything other than a fully electronic central limit order book or request for quote systems, such as voice-based systems or hybrid systems, which contain a voice component to create liquidity."

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== References ==
<references />

[[Category:CFTC Comment Letters]]
[[Category:Swaps]]
[[Category:Swaps Comment Letters]]
[[Category:Swap Execution Facilities]]
[[Category:Swap Execution Facilities Comment Letters]]
[[Category:Swap Data Repository]]
[[Category:Swap Data Repository Comment Letters]]

Swap Data Regulation

2012-05-17T16:51:30Z

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	{{Timeline-Interim Final Temporary Rule 13Aa-2T, SBS Reporting, SEC}}		{{Timeline-Interim Final Temporary Rule 13Aa-2T, SBS Reporting, SEC}}
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	On May 1, 2012, the CFTC voted unanimously to approve a proposed interpretive order that would clarify the indemnification and confidentiality provisions in the [[Dodd-Frank Act]]. The proposal generally exempts foreign regulators from the indemnification and confidentiality provision in the Dodd-Frank Act, and ensures that foreign regulators have access to data in Swap Data Repositories ([[SDR]]).		On May 1, 2012, the CFTC voted unanimously to approve a proposed interpretive order that would clarify the indemnification and confidentiality provisions in the [[Dodd-Frank Act]]. The proposal generally exempts foreign regulators from the indemnification and confidentiality provision in the Dodd-Frank Act, and ensures that foreign regulators have access to data in Swap Data Repositories ([[SDR]]).
		+
		+	==Swap Data Proposal from the [[CFTC Open Meeting, February 23, 2012\| February 23, 2012 CFTC Meeting]]==
		+	'''Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; Further Measures to Protect the Identities of Parties to Swap Transactions'''
		+
		+	On [[CFTC Open Meeting, November 19, 2010\|November 19, 2010]], the commission issued its proposed rules for real-time reporting. The proposal included the reporting of data to a "real-time disseminator" such as a [[Swap Data Regulation\|swap data repository]], or to a third party such as a [[Designated Contract Market Regulation\|designated contract market (DCM)]] or [[Swap Execution Facilities Regulation\|swap execution facility (SEF)]] "as soon as technologically practicable."
		+
		+	The commission issued its [[CFTC Final Rule: Real-Time Public Reporting of Swap Transaction Data\|final real-time reporting rules]] at its [[CFTC Open Meeting, December 20, 2011\|December 20, 2011 open meeting]]. The block trade rules were not part of the final rule, but rather have been re-proposed here.
		+
		+	{\|style="border-collapse: collapse; border-width: 0px;"
		+	\|-
		+	\| <div style="margin:0 5px 0 0;"><imagemap>
		+	Image:read_comment_letters.png
		+	desc none
		+	default [[Swap Data Regulation - Comment Letters]]
		+	</imagemap></div>
		+	\| <div style="margin:0 5px 0 0;"><imagemap>
		+	Image:read_proposed_rule.png
		+	desc none
		+	default [[CFTC Proposed Rule: Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; Further Measures to Protect the Identities of Parties to Swap Transactions]]
		+	</imagemap></div>
		+	\|}

	==Swap Data Proposal from the [[CFTC Open Meeting, October 1, 2010\| October 1, 2010 CFTC Meeting]]==		==Swap Data Proposal from the [[CFTC Open Meeting, October 1, 2010\| October 1, 2010 CFTC Meeting]]==

CFTC Open Meeting, February 23, 2012

2012-05-17T16:41:53Z

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		+	{{Timeline-Block Trade Minimum Size, Protection of Identities}}
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U.S. Federal Reserve System

2012-05-17T15:24:41Z

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	<div class="item">[http://www.marketswiki.com/mwiki/U.S._Federal_Reserve_System U.S. Federal Reserve System]</div>		<div class="item">[http://www.marketswiki.com/mwiki/U.S._Federal_Reserve_System U.S. Federal Reserve System]</div>
-	<div class="item">[http://www.marketswiki.com/mwiki/U.~~S._Federal_Reserve_System U.S. Federal Reserve System~~]</div>	+	<div class="item">[http://www.marketswiki.com/mwiki/Ben_S._Bernanke Ben Bernanke]</div>
-	<div class="item">[http://www.marketswiki.com/mwiki/~~FHFA Federal Housing Finance Agency~~]</div>	+	<div class="item">[http://www.marketswiki.com/mwiki/Alan_Greenspan Alan Greenspan]</div>
	</div>		</div>
	</div>		</div>
		+	{{Infobox_Org
		+	\| org_name = U.S. Federal Reserve System
		+	\| org_logo = [[Image:Fed logo.jpg]]
		+	\| key_people = Ben S. Bernanke, Chairman
		+	\| foundation = 1913
		+	\| location = Washington, D.C.
		+	\| products = Central Bank
		+	\| twitter = federalreserve
		+	\| homepage= [http://www.federalreserve.gov federalreserve.gov]}}
	The U.S. Federal Reserve System ("the Fed") is the central bank of the United States. It was established by the Federal Reserve Act, which was signed by President Woodrow Wilson on December 23,1913.<ref>{{cite web\|url=http://www.frbsf.org/what-is-the-fed/history.html\|name=Federal Reserve History\|org=Federal Reserve\|date=February 1, 2011}}</ref>		The U.S. Federal Reserve System ("the Fed") is the central bank of the United States. It was established by the Federal Reserve Act, which was signed by President Woodrow Wilson on December 23,1913.<ref>{{cite web\|url=http://www.frbsf.org/what-is-the-fed/history.html\|name=Federal Reserve History\|org=Federal Reserve\|date=February 1, 2011}}</ref>

-	The Fed is composed of the Federal Reserve Board and 12 Federal Reserve Banks.	+	The Fed is composed of the five-member Board of Governors of the Federal Reserve System ("Federal Reserve Board") and the 12 Federal Reserve Banks. Voting members consist of:
		+	*All five members of the Board of Governors;
		+	*the president of the Federal Reserve Bank of New York; and
		+	*presidents of four regional Federal Reserve banks, who serve rotational one-year terms.
		+
		+	Ben Bernanke has served as Chairman since 2006, when he replaced Alan Greenspan, who had served as Chairman since 1987.
		+
		+	==The Federal Reserve and the [[Dodd-Frank Act]]==
		+	The [[Wall Street Reform and Consumer Protection Act of 2010]] ([[Dodd-Frank Act]]) authorizes or requires the Federal Reserve to create rules in several of areas of financial regulation.


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	<references/>		<references/>

-	~~[[Category:Prudential Regulators]]~~
-	~~[[Category:Federal Reserve]]~~
	[[Category:Prudential Regulators]]		[[Category:Prudential Regulators]]
	[[Category:Federal Reserve]]		[[Category:Federal Reserve]]

File:Fed logo.jpg

2012-05-17T09:58:50Z

uploaded "[[File:Fed logo.jpg]]"

Federal Deposit Insurance Corporation

2012-05-17T09:55:14Z

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	\| org_name = Federal Deposit Insurance Corporation (FDIC)		\| org_name = Federal Deposit Insurance Corporation (FDIC)
	\| org_logo = [[Image:Fdic_logo.png]]		\| org_logo = [[Image:Fdic_logo.png]]
-	\| key_people = ~~Sheila C~~. ~~Bair~~, Chairman	+	\| key_people = Martin J. Greunberg, Acting Chairman
	\| foundation = 1933		\| foundation = 1933
	\| location = Washington, D.C.		\| location = Washington, D.C.
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	== Duties Related to the Dodd-Frank Act ==		== Duties Related to the Dodd-Frank Act ==
-		+	The [[Dodd-Frank Act]] authorizes or requires the FDIC to complete initiatives in the following areas:<ref>{{cite web\|url=http://www.fdic.gov/regulations/reform/initiatives.html\|name=FDIC Mission, Vision, and Values\|org=FDIC\|date=March 15, 2011}}</ref>
-	The Dodd-Frank Act authorizes or requires the FDIC to complete initiatives in the following areas:<ref>{{cite web\|url=http://www.fdic.gov/regulations/reform/initiatives.html\|name=FDIC Mission, Vision, and Values\|org=FDIC\|date=March 15, 2011}}</ref>	+

	'''Objectives Completed:'''		'''Objectives Completed:'''

U.S. Department of the Treasury

2012-05-17T09:55:07Z

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		+	<div class="item">[[U.S. Federal Reserve System]]</div>
		+	<div class="item">[[Federal Deposit Insurance Corporation]]</div>
		+	<div class="item">[[Federal Housing Finance Agency]]</div>
		+	<div class="item">[[U.S. Commodity Futures Trading Commission]]</div>
		+	<div class="item">[[U.S. Securities and Exchange Commission]]</div>
		+	<div class="item">[[Covered Swap Entities Regulation - Margin and Capital Requirements]]</div>
	<div class="item">[[Covered Swap Entities Regulation - Comment Letters]]</div>		<div class="item">[[Covered Swap Entities Regulation - Comment Letters]]</div>
-	~~<div class="item">[[Swap Dealers and Major Swap Participants Regulation]]</div>~~
	<div class="item">[[Swap Entities Regulation]]</div>		<div class="item">[[Swap Entities Regulation]]</div>
	<div class="item">[[Orderly Liquidation Authority Regulation]]</div>		<div class="item">[[Orderly Liquidation Authority Regulation]]</div>
	<div class="item">[[Dodd-Frank Act]]</div>		<div class="item">[[Dodd-Frank Act]]</div>
	<div class="item">[[Swaps Definitions Regulation]]</div>		<div class="item">[[Swaps Definitions Regulation]]</div>
-	~~<div class="item">[[Swaps Definitions Regulation - Interpretive Guidance on Product Definitions - Summary Table]]</div>~~
-	~~<div class="item">[[Covered Swap Entities Regulation - Margin and Capital Requirements]]</div>~~
-	~~<div class="item">[[Capital Requirements of Swap Dealers and Major Swap Participants]]</div>~~
-	~~<div class="item">[[Federal Register: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants]]</div>~~
	<div class="item">[[Financial Stability Oversight Council]]</div>		<div class="item">[[Financial Stability Oversight Council]]</div>
	</div>		</div>

U.S. Federal Reserve System

2012-05-17T08:46:15Z

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<div class="item">[[Prudential Regulators]]</div>
<div class="item">[[Orderly Liquidation Authority Regulation]]</div>
<div class="item">[[Dodd-Frank Act]]</div>
<div class="item">[[Financial Stability Oversight Council]]</div>
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<div class="item">[http://www.marketswiki.com/mwiki/U.S._Federal_Reserve_System U.S. Federal Reserve System]</div>
<div class="item">[http://www.marketswiki.com/mwiki/U.S._Federal_Reserve_System U.S. Federal Reserve System]</div>
<div class="item">[http://www.marketswiki.com/mwiki/FHFA Federal Housing Finance Agency]</div>
</div>
</div>
The U.S. Federal Reserve System ("the Fed") is the central bank of the United States. It was established by the Federal Reserve Act, which was signed by President Woodrow Wilson on December 23,1913.<ref>{{cite web|url=http://www.frbsf.org/what-is-the-fed/history.html|name=Federal Reserve History|org=Federal Reserve|date=February 1, 2011}}</ref>

The Fed is composed of the Federal Reserve Board and 12 Federal Reserve Banks.

==References==
<references/>

[[Category:Prudential Regulators]]
[[Category:Federal Reserve]]
[[Category:Prudential Regulators]]
[[Category:Federal Reserve]]

Federal Reserve System

2012-05-17T08:36:55Z

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#REDIRECT [[U.S. Federal Reserve System]]

Prudential Regulators

2012-05-17T08:35:42Z

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	The agencies consist of:		The agencies consist of:
	*'''Office of the Comptroller of the Currency, [[U.S. Department of the Treasury]] (OCC)''': The OCC charters, regulates and supervises all national banks, and also supervises national affiliates of foreign banks. <ref>{{cite web\|url=http://www.occ.treas.gov/about/what-we-do/mission/index-about.html\|name=About the OCC\|org=Office of the Comptroller of the Currency\|date=July 14, 2011}}</ref>		*'''Office of the Comptroller of the Currency, [[U.S. Department of the Treasury]] (OCC)''': The OCC charters, regulates and supervises all national banks, and also supervises national affiliates of foreign banks. <ref>{{cite web\|url=http://www.occ.treas.gov/about/what-we-do/mission/index-about.html\|name=About the OCC\|org=Office of the Comptroller of the Currency\|date=July 14, 2011}}</ref>
-	*'''Board of Governors of the Federal Reserve System (Fed)''': Founded in 1913 to provide stability to the nation's monetary and financial system, the Fed monitors and regulates banking institutions. Its dual mandate is to provide price stability and to maintain full employment. <ref>{{cite web\|url=http://www.federalreserve.gov/pf/pdf/pf_1.pdf\|name=Overview of the Federal Reserve System\|org=Federal Reserve\|date=July 14, 2011}}</ref>	+	*'''Board of Governors of the [[Federal Reserve System]] (Fed)''': Founded in 1913 to provide stability to the nation's monetary and financial system, the Fed monitors and regulates banking institutions. Its dual mandate is to provide price stability and to maintain full employment. <ref>{{cite web\|url=http://www.federalreserve.gov/pf/pdf/pf_1.pdf\|name=Overview of the Federal Reserve System\|org=Federal Reserve\|date=July 14, 2011}}</ref>
	*'''[[Federal Deposit Insurance Corporation]] (FDIC)''': The FDIC was created through the Glass-Steagall Act of 1933 to maintain stability and confidence in the nation's banks and thrift institutions. The FDIC insures deposits, audits member banks for soundness, and manages receiverships.<ref>{{cite web\|url=http://www.fdic.gov/about/\|name=About FDIC\|org=Federal Deposit Insurance Corporation\|date=July 14, 2011}}</ref>		*'''[[Federal Deposit Insurance Corporation]] (FDIC)''': The FDIC was created through the Glass-Steagall Act of 1933 to maintain stability and confidence in the nation's banks and thrift institutions. The FDIC insures deposits, audits member banks for soundness, and manages receiverships.<ref>{{cite web\|url=http://www.fdic.gov/about/\|name=About FDIC\|org=Federal Deposit Insurance Corporation\|date=July 14, 2011}}</ref>
	*'''Farm Credit Administration (FCA)''': The Federal agency responsible for regulating credit and financial services for participants in the U.S. agriculture industry and in rural areas of the country. The agency was created during the Great Depression of the 1930s, and its authority was amended by the Farm Credit Act of 1971.<ref>{{cite web\|url=http://www.fca.gov/about/fca_in_brief.html\|name=FCA in Brief\|org=Farm Credit Administration\|date=July 14, 2011}}</ref>		*'''Farm Credit Administration (FCA)''': The Federal agency responsible for regulating credit and financial services for participants in the U.S. agriculture industry and in rural areas of the country. The agency was created during the Great Depression of the 1930s, and its authority was amended by the Farm Credit Act of 1971.<ref>{{cite web\|url=http://www.fca.gov/about/fca_in_brief.html\|name=FCA in Brief\|org=Farm Credit Administration\|date=July 14, 2011}}</ref>

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		+	<div class="item">[http://jlne.ws/KhB7FR OCC's Curry: Regulators Working To Define Hedging]</div>
		+	<div class="item">[http://jlne.ws/KhARH3 US Comptroller Of Currency Warns Of Operational Risk At Banks]</div>
		+	<div class="item">[http://jlne.ws/KT9CoE Review & Outlook: Pledge Week at the Fed]</div>
		+	<div class="item">[http://jlne.ws/KiGLaY Options Industry Blasts FATCA Proposal]</div>
	<div class="item">[http://jlne.ws/Jdc5Mg Dodd-Frank Swaps Legislation Delayed After JPMorgan Trade Losses]</div>		<div class="item">[http://jlne.ws/Jdc5Mg Dodd-Frank Swaps Legislation Delayed After JPMorgan Trade Losses]</div>
	<div class="item">[http://jlne.ws/L0pQcJ US Senate Panel To Look At Derivatives Regulation]</div>		<div class="item">[http://jlne.ws/L0pQcJ US Senate Panel To Look At Derivatives Regulation]</div>
-	~~<div class="item">[http://jlne.ws/JjBUEY SEC Recommends Changes in Accounting for Derivatives]</div>~~
-	~~<div class="item">[http://jlne.ws/JgvK8q CFTC timetable reveals major Dodd-Frank rules to be delayed until fourth quarter]</div>~~
-	~~<div class="item">[http://jlne.ws/K1DQUy Senate Banking Committee to Hold Hearings on JPMorgan Loss, Other Key Issues]</div>~~
-	~~<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>~~
-

Prudential Regulators

2012-05-17T05:52:01Z

Credit Risk Retention Regulation|Credit Risk Retention, March/April 2011:

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	In December 2009, the House Financial Services Committee established the [[Financial Stability Oversight Council]] in order to put an end to “too big to fail” financial firms. It was created as a nine-member council, made up of the heads of prudential regulators and financial regulatory agencies, and led by the Treasury secretary, to monitor systemic risks. The council has held [[FSOC - White Papers\|periodic meetings and has commissioned several studies and white papers]], including the [[Volcker Rule]].		In December 2009, the House Financial Services Committee established the [[Financial Stability Oversight Council]] in order to put an end to “too big to fail” financial firms. It was created as a nine-member council, made up of the heads of prudential regulators and financial regulatory agencies, and led by the Treasury secretary, to monitor systemic risks. The council has held [[FSOC - White Papers\|periodic meetings and has commissioned several studies and white papers]], including the [[Volcker Rule]].
	==Credit Risk Retention Regulation\|Credit Risk Retention, March/April 2011==		==Credit Risk Retention Regulation\|Credit Risk Retention, March/April 2011==
-	In early 2011, a group of six government agencies, the [[SEC]], [[Federal Reserve]], [[Housing and Urban Development]], [[FDIC]], [[Federal Housing Finance Agency]], and the [[Office of the Comptroller of the Currency]], approved a joint rule proposal and request for comment on the topic of credit risk retention. The proposed rules are intended to be a preliminary framework for the implementation of [[Dodd-Frank]] mandated changes to the retention of credit risks among financial institutions, specifically as they relate to [[Asset Backed Securities Regulation\|asset backed securities]].	+	In early 2011, a group of six government agencies, the [[SEC]], [[Federal Reserve]], [[Housing and Urban Development]], [[FDIC]], [[Federal Housing Finance Agency]], and the [[Office of the Comptroller of the Currency]], approved a joint rule proposal and request for comment on the topic of credit risk retention. The proposed rules are intended to be a preliminary framework for the implementation of [[Dodd-Frank]] mandated changes to the retention of credit risks among financial institutions, specifically as they relate to [[Asset-Backed Securities Regulation\|asset backed securities]].

	The rule proposes a retention of risk by holding at least 5 percent of each class of ABS issued in a securitization transaction (also known as vertical retention), and a "first-loss" residual interest of 5 percent of par value of securitizations (horizontal retention). The rules also include exemptions and specific requirements for certain types of loans and asset-backed securities. The deadline for [[Credit Risk Retention Regulation - Comment Letters\|public comment]] was August 1, 2011, and a final rule is expected in the first half of 2012.		The rule proposes a retention of risk by holding at least 5 percent of each class of ABS issued in a securitization transaction (also known as vertical retention), and a "first-loss" residual interest of 5 percent of par value of securitizations (horizontal retention). The rules also include exemptions and specific requirements for certain types of loans and asset-backed securities. The deadline for [[Credit Risk Retention Regulation - Comment Letters\|public comment]] was August 1, 2011, and a final rule is expected in the first half of 2012.
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	</imagemap></div>		</imagemap></div>
	\|}		\|}
		+
	==[[Covered Swap Entities Regulation - Margin and Capital Requirements\|Margin and Capital Requirements]]==		==[[Covered Swap Entities Regulation - Margin and Capital Requirements\|Margin and Capital Requirements]]==
	On April 12, 2011, five U.S. regulatory agencies ("Prudential Regulators") issued a joint rule proposal regarding the establishment of minimum margin and capital requirements for covered swap entities - [[Swaps Definitions Regulation\|registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants]] for which one of the Agencies is the prudential regulator. The proposal entered the Federal Register on April 12, 2011. The deadline for public comment was July 11, 2011.		On April 12, 2011, five U.S. regulatory agencies ("Prudential Regulators") issued a joint rule proposal regarding the establishment of minimum margin and capital requirements for covered swap entities - [[Swaps Definitions Regulation\|registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants]] for which one of the Agencies is the prudential regulator. The proposal entered the Federal Register on April 12, 2011. The deadline for public comment was July 11, 2011.

Template:World news

2012-05-17T04:39:32Z

← Older revision		Revision as of 04:39, 17 May 2012
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		+	<div class="item">[http://jlne.ws/JiGpGp The European Commission’s draft AIFMD rules cause concerns in the industry]</div>
		+	<div class="item">[http://jlne.ws/KhRIYE European banks turn up heat on ratings agencies]</div>
	<div class="item">[http://jlne.ws/JJaQlf Analysis: Over-complex Europe keeps making same mistakes]</div>		<div class="item">[http://jlne.ws/JJaQlf Analysis: Over-complex Europe keeps making same mistakes]</div>
	<div class="item">[http://jlne.ws/IXIZvf IOSCO Prepares For The Regulatory And Financial Challenges Ahead]</div>		<div class="item">[http://jlne.ws/IXIZvf IOSCO Prepares For The Regulatory And Financial Challenges Ahead]</div>
	<div class="item">[http://jlne.ws/IXJ0zx The IOSCO MMoU: Ten Years Of Enhancing Cross-Border Enforcement Cooperation]</div>		<div class="item">[http://jlne.ws/IXJ0zx The IOSCO MMoU: Ten Years Of Enhancing Cross-Border Enforcement Cooperation]</div>
	<div class="item">[http://jlne.ws/IXIYHO Bankers discuss curbing rating agencies]</div>		<div class="item">[http://jlne.ws/IXIYHO Bankers discuss curbing rating agencies]</div>
-	~~<div class="item">[http://jlne.ws/K1qnMn Driving in the dark: Planning for OTC Reform]</div>~~	+
-	~~<div class="item">[http://jlne.ws/IXIWzA FSA cracks down on order flow payments]</div>~~	+

CFTC Open Meeting, May 10, 2012

2012-05-16T11:09:37Z

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	*Support for the extension of the exemptive order through the end of the year; and		*Support for the extension of the exemptive order through the end of the year; and
	*"While I support the final rulemaking and the proposed amendment to the July 14 Order, I believe that the Commission’s accelerated rulemaking schedule will likely result in many unforeseen perils."<ref>{{cite web\|url=http://www.cftc.gov/PressRoom/SpeechesTestimony/omaliastatement051012\|name=Opening Statement, Open Meeting to Consider One Final Rule on Core Principles and Other Requirements for Designated Contract Markets: Commissioner Scott D. O’Malia\|org=CFTC\|date=May 10, 2012}}</ref>		*"While I support the final rulemaking and the proposed amendment to the July 14 Order, I believe that the Commission’s accelerated rulemaking schedule will likely result in many unforeseen perils."<ref>{{cite web\|url=http://www.cftc.gov/PressRoom/SpeechesTestimony/omaliastatement051012\|name=Opening Statement, Open Meeting to Consider One Final Rule on Core Principles and Other Requirements for Designated Contract Markets: Commissioner Scott D. O’Malia\|org=CFTC\|date=May 10, 2012}}</ref>
		+
		+	==Related Document: Commissioner O'Malia's Suggested Timetable==
		+	{{#widget:Scribd
		+	\|id=93808221
		+	\|access_key=key-zdzdaa2bfevdf42vm3f
		+	\|width=95%
		+	\|height=700
		+	}}

	== References ==		== References ==

MediaWiki:Sidebar

2012-05-16T10:47:18Z

CFTC Open Meeting, May 10, 2012

2012-05-16T10:43:18Z

Meeting Summary and Links to Related Documents:

← Older revision		Revision as of 10:43, 16 May 2012
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	== Meeting Summary and Links to Related Documents==		== Meeting Summary and Links to Related Documents==
	*[[CFTC Final Rule: Core Principles and Other Requirements for Designated Contract Markets]] '''Passed by a vote of 5-0.'''		*[[CFTC Final Rule: Core Principles and Other Requirements for Designated Contract Markets]] '''Passed by a vote of 5-0.'''
-	*[[Effective Date for Swap Regulation]] '''Extended until December 31, 2012.'''	+	*[[Effective Date for Swap Regulation]] '''Extended until December 31, 2012, removes [[Swaps Definitions Regulation\|entity definition]] language, and adds [[Agricultural Swaps Regulation\|agricultural swaps]].'''
		+	*In conjunction with his statement, Commissioner O'Malia submitted his interpretation of the remaining CFTC [[Dodd-Frank]] related rulemakings and a tentative timetable for consideration and implementation. His schedule can be found in a table below.
		+
	== Speakers ==		== Speakers ==

Template:Timeline-Proposed Order to Address Effective Date for Swap Regulations

2012-05-16T10:35:09Z

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	{\| border="0" cellpadding="5" cellspacing="1"		{\| border="0" cellpadding="5" cellspacing="1"
	\|+ '''Dodd-Frank Timeline, Order to Address Effective Date for Swap Regulations'''		\|+ '''Dodd-Frank Timeline, Order to Address Effective Date for Swap Regulations'''
-	! align="center" style="background: red; color: white"\| Proposal Date	+	! align="center" style="background: red; color: white"\| 2nd Proposal Date
	! align="center" style="background: gray; color: white"\| Comment Deadline		! align="center" style="background: gray; color: white"\| Comment Deadline
-	! align="center" style="background: green; color: white"\| ~~Effective~~ Date	+	! align="center" style="background: green; color: white"\| Extension Date
	\|-		\|-
-	\| align="center" style="background: #FFBFBF; color: black"\| ~~June 2011~~	+	\| align="center" style="background: #FFBFBF; color: black"\| May 16, 2012
-	\| align="center" style="background: #DFDFDF; color: black"\| ~~July 1~~, ~~2011~~	+	\| align="center" style="background: #DFDFDF; color: black"\| May 30, 2012
-	\| align="center" style="background: #BFDFBF; color: black"\| ~~July 16~~, 2012	+	\| align="center" style="background: #BFDFBF; color: black"\| December 31, 2012
	\|}		\|}
	</div>		</div>
	[[Category:Timelines]]		[[Category:Timelines]]

Effective Date for Swap Regulation

2012-05-16T10:10:45Z

Second Amendment to July 14, 2011 Order for Swap Regulation, May 16, 2012:

← Older revision		Revision as of 10:10, 16 May 2012
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	*Category 4: Provisions becoming Effective July 16, 2011		*Category 4: Provisions becoming Effective July 16, 2011
	**These provisions will not be effected by final commission rules, and are thus not affected by the proposed order.<ref>{{cite web\|url=http://www.futuresmag.com/News/2011/6/Pages/DoddFrank-applies-to-OTC-derivatives-not-physical.aspx\|name=CFTC, SEC differ on new derivatives rules\|org=Futures Magazine\|date=June 27, 2011}}</ref>		**These provisions will not be effected by final commission rules, and are thus not affected by the proposed order.<ref>{{cite web\|url=http://www.futuresmag.com/News/2011/6/Pages/DoddFrank-applies-to-OTC-derivatives-not-physical.aspx\|name=CFTC, SEC differ on new derivatives rules\|org=Futures Magazine\|date=June 27, 2011}}</ref>
		+
		+	==Second Amendment to July 14, 2011 Order for Swap Regulation, May 16, 2012==
		+	At its [[CFTC Open Meeting, May 10, 2012\|May 10, 2012 open meeting]], the commission approved a proposed amendment to the July 14, 2011 exemptive relief order. The new proposal:
		+	*Removes references to [[Swaps Definitions Regulation\|swap entity definitions]], as the [[CFTC/SEC Joint Final Rule on Swap Entity Definitions\|joint CFTC/SEC final rule has subesequently been issued]];
		+	*extends the potential latest expiration date of the order to December 31, 2012 or other compliance date as may be determined by the Commission;
		+	*allows the clearing of [[Agricultural Swaps Regulation\|agricultural swaps]]; and
		+	*removes references to the exempt commercial market (ECM) and exempt board of trade (EBOT) grandfather relief from the previous order.
		+
		+	Public comments will be accepted on the proposed order until May 30, 2012. Comments may be submitted [http://comments.cftc.gov/PublicComments/CommentForm.aspx?id=1201 HERE].
		+
	== Related Documents: No-action Letter; Final Order as it Appeared in the Federal Register==		== Related Documents: No-action Letter; Final Order as it Appeared in the Federal Register==

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	{{#widget:Scribd		{{#widget:Scribd
-	\|id=~~93543436~~	+	\|id=93798933
-	\|access_key=key-~~21o4w0uc97x2f2tw0oxw~~	+	\|access_key=key-5pjcuqykolbk7kxlene
	\|width=95%		\|width=95%
	\|height=500		\|height=500
	}}		}}
		+
	== References ==		== References ==
	<references/>		<references/>

Template:US news

2012-05-16T09:08:23Z

← Older revision		Revision as of 09:08, 16 May 2012
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		+	<div class="item">[http://jlne.ws/Jdc5Mg Dodd-Frank Swaps Legislation Delayed After JPMorgan Trade Losses]</div>
		+	<div class="item">[http://jlne.ws/L0pQcJ US Senate Panel To Look At Derivatives Regulation]</div>
		+	<div class="item">[http://jlne.ws/JjBUEY SEC Recommends Changes in Accounting for Derivatives]</div>
	<div class="item">[http://jlne.ws/JgvK8q CFTC timetable reveals major Dodd-Frank rules to be delayed until fourth quarter]</div>		<div class="item">[http://jlne.ws/JgvK8q CFTC timetable reveals major Dodd-Frank rules to be delayed until fourth quarter]</div>
	<div class="item">[http://jlne.ws/K1DQUy Senate Banking Committee to Hold Hearings on JPMorgan Loss, Other Key Issues]</div>		<div class="item">[http://jlne.ws/K1DQUy Senate Banking Committee to Hold Hearings on JPMorgan Loss, Other Key Issues]</div>
	<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>		<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>
-	~~<div class="item">[http://jlne.ws/Jz5vwJ Clearing houses move their FX pieces into position ]</div>~~	+
-	~~<div class="item">[http://jlne.ws/JWFWVI Ex-CFTC Commissioner Dunn Named Chairman of U.S. Swap Database]</div>~~	+
-	~~<div class="item">[http://jlne.ws/KlQeCt Obama's Wall Street problem - How many execs in jail?]</div>~~	+

Template:World news

2012-05-16T09:06:31Z

← Older revision		Revision as of 09:06, 16 May 2012
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		+	<div class="item">[http://jlne.ws/JJaQlf Analysis: Over-complex Europe keeps making same mistakes]</div>
		+	<div class="item">[http://jlne.ws/IXIZvf IOSCO Prepares For The Regulatory And Financial Challenges Ahead]</div>
		+	<div class="item">[http://jlne.ws/IXJ0zx The IOSCO MMoU: Ten Years Of Enhancing Cross-Border Enforcement Cooperation]</div>
		+	<div class="item">[http://jlne.ws/IXIYHO Bankers discuss curbing rating agencies]</div>
	<div class="item">[http://jlne.ws/K1qnMn Driving in the dark: Planning for OTC Reform]</div>		<div class="item">[http://jlne.ws/K1qnMn Driving in the dark: Planning for OTC Reform]</div>
-	<div class="item">[http://jlne.ws/~~JNXFha Markets watchdogs should flag up risks, IOSCO says~~]</div>	+	<div class="item">[http://jlne.ws/IXIWzA FSA cracks down on order flow payments]</div>
-	~~<div class="item">[http://jlne.ws/KlQu4p Systemic risk: Counterparty controversy]</div>~~	+
-	~~<div class="item">[http://jlne.ws/JuTolb DERIVATIVES TRADER: Here's The REAL Reason Why Financial Regulators Are Just Plain Stupid]</div>~~	+
-	~~<div class="item">[http://jlne.ws/JuTlG5 Trading desks face tighter regulations]</div>~~	+
-	~~<div class="item">[http://jlne.ws/JuThX1 Analysis: Over-complex Europe keeps making same mistakes]</div>~~	+
-		+

MediaWiki:Hf-nsheader-

2012-05-15T14:25:40Z

MediaWiki:Hf-nsfooter-

2012-05-15T14:06:30Z

Swap Data Regulation - Comment Letters

2012-05-15T14:03:12Z

← Older revision		Revision as of 14:03, 15 May 2012
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	==CFTC Comment Letters==		==CFTC Comment Letters==
		+	===Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades===
		+
	===Pre-enactment and Transition Swap Data Recordkeeping and Reporting Requirements===		===Pre-enactment and Transition Swap Data Recordkeeping and Reporting Requirements===
	== [[Swap Data Regulation - Comment Letter - ISDA - June 9, 2011\|ISDA - June 9, 2011]] ==		== [[Swap Data Regulation - Comment Letter - ISDA - June 9, 2011\|ISDA - June 9, 2011]] ==

Template:Upcoming events

2012-05-15T10:37:07Z

← Older revision		Revision as of 10:37, 15 May 2012
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	<div class="item">'''May 8, 2012, 10:30 AM - 11:30 AM EDT'''<br>		<div class="item">'''May 8, 2012, 10:30 AM - 11:30 AM EDT'''<br>
-	[https://www2.gotomeeting.com/register/739671922 FIA Webinar: Swap Dealer Definition: Who's In, Who's Out, and What's Next?]	+	[https://www2.gotomeeting.com/register/739671922 FIA Webinar: Swap Dealer Definition: Who's In, Who's Out, and What's Next?]</div>

	<div class="item">'''May 9-11, 2012'''<br>		<div class="item">'''May 9-11, 2012'''<br>

Template:US news

2012-05-15T06:01:57Z

← Older revision		Revision as of 06:01, 15 May 2012
Line 1:		Line 1:
-	<div class="item">[http://jlne.ws/~~MfLdf8 Rebuild the pillars of 1930s Wall Street~~]</div>	+	<div class="item">[http://jlne.ws/JgvK8q CFTC timetable reveals major Dodd-Frank rules to be delayed until fourth quarter]</div>
		+	<div class="item">[http://jlne.ws/K1DQUy Senate Banking Committee to Hold Hearings on JPMorgan Loss, Other Key Issues]</div>
	<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>		<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>
	<div class="item">[http://jlne.ws/Jz5vwJ Clearing houses move their FX pieces into position ]</div>		<div class="item">[http://jlne.ws/Jz5vwJ Clearing houses move their FX pieces into position ]</div>
	<div class="item">[http://jlne.ws/JWFWVI Ex-CFTC Commissioner Dunn Named Chairman of U.S. Swap Database]</div>		<div class="item">[http://jlne.ws/JWFWVI Ex-CFTC Commissioner Dunn Named Chairman of U.S. Swap Database]</div>
	<div class="item">[http://jlne.ws/KlQeCt Obama's Wall Street problem - How many execs in jail?]</div>		<div class="item">[http://jlne.ws/KlQeCt Obama's Wall Street problem - How many execs in jail?]</div>
-	~~<div class="item">[http://jlne.ws/J2QPda Regulator Approves New Exchange Rules, but Delays Others]</div>~~

Template:US news

2012-05-15T05:01:35Z

← Older revision		Revision as of 05:01, 15 May 2012
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		+	<div class="item">[http://jlne.ws/MfLdf8 Rebuild the pillars of 1930s Wall Street]</div>
	<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>		<div class="item">[http://jlne.ws/J3BYOB SEC’s Schapiro Says Regulators Monitoring JPMorgan After Loss]</div>
	<div class="item">[http://jlne.ws/Jz5vwJ Clearing houses move their FX pieces into position ]</div>		<div class="item">[http://jlne.ws/Jz5vwJ Clearing houses move their FX pieces into position ]</div>
Line 4:		Line 5:
	<div class="item">[http://jlne.ws/KlQeCt Obama's Wall Street problem - How many execs in jail?]</div>		<div class="item">[http://jlne.ws/KlQeCt Obama's Wall Street problem - How many execs in jail?]</div>
	<div class="item">[http://jlne.ws/J2QPda Regulator Approves New Exchange Rules, but Delays Others]</div>		<div class="item">[http://jlne.ws/J2QPda Regulator Approves New Exchange Rules, but Delays Others]</div>
-	~~<div class="item">[http://jlne.ws/JI3KMT A Shock From JPMorgan Is New Fodder for Reformers]</div>~~	+

Template:World news

2012-05-15T05:00:23Z

← Older revision		Revision as of 05:00, 15 May 2012
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		+	<div class="item">[http://jlne.ws/K1qnMn Driving in the dark: Planning for OTC Reform]</div>
	<div class="item">[http://jlne.ws/JNXFha Markets watchdogs should flag up risks, IOSCO says]</div>		<div class="item">[http://jlne.ws/JNXFha Markets watchdogs should flag up risks, IOSCO says]</div>
	<div class="item">[http://jlne.ws/KlQu4p Systemic risk: Counterparty controversy]</div>		<div class="item">[http://jlne.ws/KlQu4p Systemic risk: Counterparty controversy]</div>
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	<div class="item">[http://jlne.ws/JuTlG5 Trading desks face tighter regulations]</div>		<div class="item">[http://jlne.ws/JuTlG5 Trading desks face tighter regulations]</div>
	<div class="item">[http://jlne.ws/JuThX1 Analysis: Over-complex Europe keeps making same mistakes]</div>		<div class="item">[http://jlne.ws/JuThX1 Analysis: Over-complex Europe keeps making same mistakes]</div>
-	~~<div class="item">[http://jlne.ws/L0P8XL Brake sought on high-speed traders]</div>~~	+

Effective Date for Swap Regulation

2012-05-14T13:55:16Z

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	\|id=76082377		\|id=76082377
	\|access_key=key-1td7u7lok6ufmgpnkhej		\|access_key=key-1td7u7lok6ufmgpnkhej
		+	\|width=95%
		+	\|height=500
		+	}}
		+
		+	{{#widget:Scribd
		+	\|id=76082955
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-
	== References ==		== References ==
	<references/>		<references/>

← Older revision		Revision as of 08:35, 17 May 2012
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	The agencies consist of:		The agencies consist of:
	*'''Office of the Comptroller of the Currency, [[U.S. Department of the Treasury]] (OCC)''': The OCC charters, regulates and supervises all national banks, and also supervises national affiliates of foreign banks. <ref>{{cite web\|url=http://www.occ.treas.gov/about/what-we-do/mission/index-about.html\|name=About the OCC\|org=Office of the Comptroller of the Currency\|date=July 14, 2011}}</ref>		*'''Office of the Comptroller of the Currency, [[U.S. Department of the Treasury]] (OCC)''': The OCC charters, regulates and supervises all national banks, and also supervises national affiliates of foreign banks. <ref>{{cite web\|url=http://www.occ.treas.gov/about/what-we-do/mission/index-about.html\|name=About the OCC\|org=Office of the Comptroller of the Currency\|date=July 14, 2011}}</ref>
-	*'''Board of Governors of the Federal Reserve System (Fed)''': Founded in 1913 to provide stability to the nation's monetary and financial system, the Fed monitors and regulates banking institutions. Its dual mandate is to provide price stability and to maintain full employment. <ref>{{cite web\|url=http://www.federalreserve.gov/pf/pdf/pf_1.pdf\|name=Overview of the Federal Reserve System\|org=Federal Reserve\|date=July 14, 2011}}</ref>	+	*'''Board of Governors of the [[Federal Reserve System]] (Fed)''': Founded in 1913 to provide stability to the nation's monetary and financial system, the Fed monitors and regulates banking institutions. Its dual mandate is to provide price stability and to maintain full employment. <ref>{{cite web\|url=http://www.federalreserve.gov/pf/pdf/pf_1.pdf\|name=Overview of the Federal Reserve System\|org=Federal Reserve\|date=July 14, 2011}}</ref>
	*'''[[Federal Deposit Insurance Corporation]] (FDIC)''': The FDIC was created through the Glass-Steagall Act of 1933 to maintain stability and confidence in the nation's banks and thrift institutions. The FDIC insures deposits, audits member banks for soundness, and manages receiverships.<ref>{{cite web\|url=http://www.fdic.gov/about/\|name=About FDIC\|org=Federal Deposit Insurance Corporation\|date=July 14, 2011}}</ref>		*'''[[Federal Deposit Insurance Corporation]] (FDIC)''': The FDIC was created through the Glass-Steagall Act of 1933 to maintain stability and confidence in the nation's banks and thrift institutions. The FDIC insures deposits, audits member banks for soundness, and manages receiverships.<ref>{{cite web\|url=http://www.fdic.gov/about/\|name=About FDIC\|org=Federal Deposit Insurance Corporation\|date=July 14, 2011}}</ref>
	*'''Farm Credit Administration (FCA)''': The Federal agency responsible for regulating credit and financial services for participants in the U.S. agriculture industry and in rural areas of the country. The agency was created during the Great Depression of the 1930s, and its authority was amended by the Farm Credit Act of 1971.<ref>{{cite web\|url=http://www.fca.gov/about/fca_in_brief.html\|name=FCA in Brief\|org=Farm Credit Administration\|date=July 14, 2011}}</ref>		*'''Farm Credit Administration (FCA)''': The Federal agency responsible for regulating credit and financial services for participants in the U.S. agriculture industry and in rural areas of the country. The agency was created during the Great Depression of the 1930s, and its authority was amended by the Farm Credit Act of 1971.<ref>{{cite web\|url=http://www.fca.gov/about/fca_in_brief.html\|name=FCA in Brief\|org=Farm Credit Administration\|date=July 14, 2011}}</ref>

← Older revision		Revision as of 05:52, 17 May 2012
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	In December 2009, the House Financial Services Committee established the [[Financial Stability Oversight Council]] in order to put an end to “too big to fail” financial firms. It was created as a nine-member council, made up of the heads of prudential regulators and financial regulatory agencies, and led by the Treasury secretary, to monitor systemic risks. The council has held [[FSOC - White Papers\|periodic meetings and has commissioned several studies and white papers]], including the [[Volcker Rule]].		In December 2009, the House Financial Services Committee established the [[Financial Stability Oversight Council]] in order to put an end to “too big to fail” financial firms. It was created as a nine-member council, made up of the heads of prudential regulators and financial regulatory agencies, and led by the Treasury secretary, to monitor systemic risks. The council has held [[FSOC - White Papers\|periodic meetings and has commissioned several studies and white papers]], including the [[Volcker Rule]].
	==Credit Risk Retention Regulation\|Credit Risk Retention, March/April 2011==		==Credit Risk Retention Regulation\|Credit Risk Retention, March/April 2011==
-	In early 2011, a group of six government agencies, the [[SEC]], [[Federal Reserve]], [[Housing and Urban Development]], [[FDIC]], [[Federal Housing Finance Agency]], and the [[Office of the Comptroller of the Currency]], approved a joint rule proposal and request for comment on the topic of credit risk retention. The proposed rules are intended to be a preliminary framework for the implementation of [[Dodd-Frank]] mandated changes to the retention of credit risks among financial institutions, specifically as they relate to [[Asset Backed Securities Regulation\|asset backed securities]].	+	In early 2011, a group of six government agencies, the [[SEC]], [[Federal Reserve]], [[Housing and Urban Development]], [[FDIC]], [[Federal Housing Finance Agency]], and the [[Office of the Comptroller of the Currency]], approved a joint rule proposal and request for comment on the topic of credit risk retention. The proposed rules are intended to be a preliminary framework for the implementation of [[Dodd-Frank]] mandated changes to the retention of credit risks among financial institutions, specifically as they relate to [[Asset-Backed Securities Regulation\|asset backed securities]].

	The rule proposes a retention of risk by holding at least 5 percent of each class of ABS issued in a securitization transaction (also known as vertical retention), and a "first-loss" residual interest of 5 percent of par value of securitizations (horizontal retention). The rules also include exemptions and specific requirements for certain types of loans and asset-backed securities. The deadline for [[Credit Risk Retention Regulation - Comment Letters\|public comment]] was August 1, 2011, and a final rule is expected in the first half of 2012.		The rule proposes a retention of risk by holding at least 5 percent of each class of ABS issued in a securitization transaction (also known as vertical retention), and a "first-loss" residual interest of 5 percent of par value of securitizations (horizontal retention). The rules also include exemptions and specific requirements for certain types of loans and asset-backed securities. The deadline for [[Credit Risk Retention Regulation - Comment Letters\|public comment]] was August 1, 2011, and a final rule is expected in the first half of 2012.
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	==[[Covered Swap Entities Regulation - Margin and Capital Requirements\|Margin and Capital Requirements]]==		==[[Covered Swap Entities Regulation - Margin and Capital Requirements\|Margin and Capital Requirements]]==
	On April 12, 2011, five U.S. regulatory agencies ("Prudential Regulators") issued a joint rule proposal regarding the establishment of minimum margin and capital requirements for covered swap entities - [[Swaps Definitions Regulation\|registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants]] for which one of the Agencies is the prudential regulator. The proposal entered the Federal Register on April 12, 2011. The deadline for public comment was July 11, 2011.		On April 12, 2011, five U.S. regulatory agencies ("Prudential Regulators") issued a joint rule proposal regarding the establishment of minimum margin and capital requirements for covered swap entities - [[Swaps Definitions Regulation\|registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants]] for which one of the Agencies is the prudential regulator. The proposal entered the Federal Register on April 12, 2011. The deadline for public comment was July 11, 2011.