Dodd Frank

This category contains 30 posts

Cargill fined $10m for misreporting marks under Dodd Frank

The CFTC has fined Cargill $10m for the misreporting of marks to SDRs and counterparties. The CFTC’s press release can be found here. According to the  press release, the order finds that Cargill provided counterparties and the SDR inaccurate marks which had the effect of concealing up to ninety percent of Cargill’s mark-up. The press release … Continue reading

Progress on EU-US recognition

The European Commission and the CFTC moved closer to mutual recognition of rules, following a meeting held last week. The movement has been on two fronts: Trading platform recognition, which when finalised will simplifying cross jurisdiction trading. The aim is to have recognition  in place in time for MiFID II. An equivalence decision on the … Continue reading

Position limits rules and others worldwide

While the start of MiFID II commodity derivatives position limits moves closer (see here), there has been some movement in the US in finally applying mandatory position limits, which will apply to certain core contracts (see here). This article on the Reuters web site highlights convergence in opinion on how to finalise the rules and implement … Continue reading

CFTC announces review of US reporting requirements

The US Commodity Futures Trading Commission has announced a review of the “swaps” reporting rules under the Dodd Frank Act. The announcement can be found here. There are objectives to correct data by better validations, change who has to reconcile reports (the regime is a “one sided reporting rule set), and possibly also change the … Continue reading

The harmonisation of OTC derivatives reporting

The Bank of International Settlements (BIS) and IOSCO have published this paper which gives views on how data elements of OTC derivatives should be reported under different regulatory regimes worldwide. This includes rules such as EMIR, MiFID II and the Dodd Frank Act. The paper focuses on elements other than the Unique Trade Identifier and … Continue reading

Data quality in trade repositories

With changes coming in the formats of EMIR reporting in November, and a wider change coming next year, it is worth considering the quality of the data in trade repositories and swaps data repositories. This article by Jenny Nilsson on The OTC Space web site looks at some of the issues that have held back data … Continue reading

Article on regulatory change and architecture

See here for an article by Ian Sutherland on The OTC Space about implementing regulatory change and technology. While the article is focused on banking , the energy and commodity sector is in the process of grappling with similar issues. These are the ones of whether to approach regulatory change on a strategic or tactical … Continue reading

Article on UTIs

IOSCO, BIS and OICV  recently issued a report (see here) on the harmonisation of Unique Transaction Identifiers across different jurisdictions. This post by Irene Mermigidis of REGIS-TR examines this issue, and begins to suggest that they be generated by TRs. The article is the first in a two part series.

Articles on alleged manipulation, non manipulation and breaches of position limits

See here for an article on the India based “Money life” web site about alleged manipulations in currency and commodity markets using spoofing and other typical manipulation techniques. The allegations include questions about the venues’ surveillance of activity. No manipulation is alleged in this article on the Bloomberg web site about the purchase of large … Continue reading

Position limits in the EU and US, and another MiFID II training course

Following the webinar by Nasdaq on real time position limits last week, the recording can be found here. The recording of Unavista’s webinar on Position Reporting can be found here. Also see here for an article on Emissions-EUETS about the complexities of netting under the position limits rules. Meanwhile, the FIA have lodged an extensive … Continue reading