The European Union has set the date for its clearing obligation, bringing European financial reform more into line with current U.S. obligations. The publication of the European Securities and Markets Authority’s (ESMA) regulatory technical standards (RTS) in the Official Journal of the European Union on December 1, 2015 will kick over-the-counter (OTC) derivatives clearing into… Read More >>
SEC Hits HSBC Private Bank with $12.5M Penalty
HSBC Private Bank (Suisse) is admitting wrongdoing and will pay $12.5 million to settle charges from the SEC that the Swiss-based private banking arm violated federal securities laws by not registering with the regulator before providing cross-border brokerage and investment advisory services to U.S. clients, SEC officials say. HSBC Private Bank has agreed to pay… Read More >>
Blazing a New Trail for Cross-Border Derivatives
The rally on Wall Street today spurred by the Fed indicating that its looser money policies will remain for the long term overshadows the good news that European Union regulators and the CFTC have come to major agreements over U.S. derivatives rules. This development will provide much-needed clarity for derivatives markets participants striving to keep… Read More >>
Q&A: CFTC
CFTC commissioner Bart Chilton says that no matter who wins the U.S. presidency on Tuesday, Nov. 6, the momentum for over-the-counter (OTC) execution, clearing and transparency reforms for the derivatives market is practically unstoppable. He adds that there would be little political support to return to the unregulated OTC world that triggered the Great Recession.GOP… Read More >>
