Securities Law Daily provides daily coverage of developments in the regulation of federal, state, and international securities and futures trading, with objective coverage of the...
By Richard Hill
Jan. 22 — Eighteen of the 23 swap execution facilities that have been operating on a provisional basis have been permanently registered with the Commodity Futures Trading Commission, Chairman Timothy Massad announced Jan. 22.
The agency is continuing to review the registration applications of the five remaining temporarily registered SEFs, Massad said at an American Bar Association conference in Florida. For confidentiality reasons, the agency can't discuss why the five remaining SEFs, a spokesman said in an email to Bloomberg BNA.
In remarks in October, however, Massad said the agency's limited resources and evolving operations at some swaps platforms could mean that all SEFs won't be permanently registered at the same time (207 SLD 207, 10/27/15).
The spokesman also noted that one of the five SEFs—FTSEF LLC —only became provisionally registered this month (03 SLD, 1/6/16).
Bloomberg BNA is owned by Bloomberg, which also operates Bloomberg SEF, which is one of the newly registered platforms.
With most SEFs permanently registered, staff is freed up to work on rules related to capital requirements for swap dealers and major swap participants, and to codify numerous no-action letters related to swaps trading. The codification effort is slated to kick off in spring.
Massad added that as part of the review of swaps trading, the CFTC will consider whether it should have a greater role in the swaps “made-available-to-trade” determination process.
In other remarks, Massad said the CFTC hopes to adopt rules on automated trading and cybersecurity by the end of the year (242 SLD, 12/17/15; 227 SLD, 11/25/15). Both rulemaking initiatives “will be an important part of our agenda this year,” Massad said.
The chairman added that “soon” he will seek adoption of a rule extending a recently adopted rule on uncleared margin to international markets (125 SLD, 6/30/15). Massad said he expects the final rule, which will be harmonized with rules in other jurisdictions, to “draw a reasonable line that makes clear when we should take offshore risk into account.”
To contact the reporter on this story: Richard Hill in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Phyllis Diamond at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)