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March 11 was officially "Dodd-Frank Day" -- the day most active users of swaps in the US were required to begin complying with the central clearing mandate, arguably the single biggest pillar in the G20’s 2009 commitment to overhaul the over-the-counter derivatives market. It was a momentous occasion, the impact of which we can already observe.
Just two days after the CFTC’s mandatory clearing rules for OTC derivatives went into effect, sparking a litany of industry commentary and a threat from Bloomberg to file suit against the CFTC over swap collateral rules, ISDA is out with a paper making the case for the role of non-cleared OTC derivatives in the global economy.
The CFTC announced that the mandate within Dodd-Frank requiring swap dealers and market participants to begin clearing certain index CDS and IRS trades went into effect Monday.
Another lawsuit may be headed the CFTC’s way over the implementation of Dodd-Frank rules, and the terror of administrative agencies, Eugene Scalia, may be filing it on behalf of Bloomberg.
On March 18, markets across Europe began to worry in earnest about a plan for an EU bailout of Cyprus that would involve a hefty tax on bank deposits.
The following data is derived from trading activity on Tradeweb’s European-listed ETFs platform from 1 January to 31 March 2013.
When it comes to trade reporting, Dodd-Frank cuts some slack for end users, or non-financial companies using swaps to hedge business risks.
It was an eventful month in Europe as continuing political uncertainty in Italy and the unpopular terms of a bailout deal for Cyprus caused renewed turmoil in European bond markets.
At a time when the reputation of the financial industry needs all the support it can get, the ongoing Libor scandal has shaken investor trust even further. As a result, financial firms should prepare for far-reaching regulatory change and stricter rules.
The disintegration of our stock market into chaotic fragmentation is paradigmatic of the disintegration of Western society generally.