Dodd Frank

This category contains 33 posts

IOSCO document on reporting data elements

IOSCO and the Bank of International Settlements have issued this document entitled “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)”. It looks at the data elements used to report derivatives under rule sets such as EMIR or the Dodd Frank Act, and proposes a standard format for the data elements typically … Continue reading

Ofgem REMIT powers, fines set and more anti abuse developments

There has been more activity this week on the anti abuse side of things, following Monday’s post here on recent fines. Ofgem, the National Regulatory  Authority for the GB energy market, is to be given more powers by the UK government to enforce REMIT in terms of access to documents and the power to take … Continue reading

Anti-abuse fines on both sides of the Atlantic and more

There has been an increased focus on anti abuse activity in the energy and commodities markets over the past year, due to a combination of the start of MAR in July 2016, the start of REMIT data collection and also increased investigations by both financial and energy regulators. This year has already seen a fine … Continue reading

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