The CFTC has issued a penalty of $450,000 against Société Générale SA over charges that the French banking giant failed to properly report non-deliverable forward transactions to a swap data repository (SDR), and failed to report many FX swap, FX forward, and non-deliverable forward transactions to an SDR. The cause of the problem was a… Read More >>
CFTC Issues Final Rule for Cleared Swaps Reporting
The CFTC reports that it has approved a final rule meant to bring “additional clarity” to existing cleared swaps reporting regulations and procedures. The rule codifies reporting obligations for counterparties and registered entities and improves the “efficiency of data collection and maintenance associated with the reporting,” the CFTC says. The commission’s own detailed analysis of… Read More >>
Obama Announces Nominees for SEC Commissioners
The SEC may have a full slate of commissioners by the end of the year as the Obama administration has put forth two nominees — one to fill a current vacancy and another to step in for Commissioner Luis A. Aguilar, who completed his term this year. Aguilar has been serving since 2008 when he… Read More >>
CFTC Delays Swap Package Execution as SIX Financial Launches FATCA Service
Bowing to industry concerns, the CFTC has delayed a requirement that swap packages be transacted via swap execution facilities (SEFs), and has clarified that the mandatory SEF-based trading of interest rate swaps and index credit default swaps will begin on Feb. 15. Swap packages were granted a reprieve from the SEF mandate via a no-action… Read More >>
CFTC to Fix Broken Swaps Data System
The CFTC is quietly acknowledging that its swaps transaction data reporting system is broken. Mark P. Wetjen, the acting chairman for the CFTC, and his fellow commissioners formed an interdivisional staff working group last month to reassess the regulator’s swaps data-gathering processes. The new group is likely to serve as a catalyst for a much-needed… Read More >>
