Deutsche Bank Names Head & Deputy of Anti-Financial Crime for the Americas Deutsche Bank has appointed Richard Weber as managing director and head of anti-financial crime for the Americas and Irwin Nack as managing director and deputy head of anti-financial crime for the Americas. Weber will report to Philippe Vollot, global head of anti-financial crime… Read More >>
CFTC Clarifies Wind-Downs, Recoveries for Key DCOs
The CFTC division of clearing and risk (DCR) has issued a guidance regarding recovery and wind-down plans for registered clearinghouses that are systemically important derivatives clearing organizations (SIDCOs). The recovery and wind-down plans are “critical element[s] of risk management and contingency planning,” the commission says, pointing out that SIDCOs are required by its regulations to… Read More >>
The Fed’s Quiet Move to Avoid Widespread Panic
Amid all the endless claptrap about interest rates, the Federal Reserve Board quietly this week proposed a rule that might help global markets sidestep widespread panic if a very large institution goes bankrupt and has lots of bilateral derivatives contracts on its books. The proposed rule would delay the immediate cancellation of qualified financial contracts… Read More >>
ISC Creates a Map for T+2 Move
The nitty gritty of shorter settlement cycles is getting clearer as the U.S. T+2 International Steering Committee (T+2 ISC) has submitted its Implementation Playbook to the SEC on December 18 and released to the industry on Dec. 21 to provide the industry with a timeline to help them move to a two-day settlement cycle (T+2)… Read More >>
Medium-Sized Firms Get Stress Tests Too: Regulators
In case they have forgotten, medium-sized securities firms with total consolidated assets between $10 billion and $50 billion have been reminded by regulators about the disclosure requirements for the annual stress tests that they are required to conduct. “These medium-sized companies are required to conduct annual, company-run stress tests implementing a provision of the Dodd-Frank Wall… Read More >>
SEC Adopts Volcker Rule
The SEC has adopted a final version of the Volcker Rule in a 3-to-2 vote that is a milestone for regulatory reform on Wall Street.SEC Commissioners Daniel M. Gallagher and Michael S Piwowar voted against adoption of the restrictions upon banks and proprietary trading. SEC Chair Mary Jo White and SEC Commissioners Luis A. Aguilar… Read More >>
