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Sep 18, 2014

U.S. Fed raps Santander over unsanctioned dividend

WASHINGTON (Reuters) – The Federal Reserve on Thursday disciplined Spain’s Santander over paying out a dividend without approval, as it tightens control of how foreign banks manage risk in the United States.

In a written agreement with the Boston Fed, Santander Holdings USA, Inc. said it would tighten management standards to make sure it did not pay out any dividends without the prior written approval of the Fed.

Sep 17, 2014

U.S. watchdog CFTC proposes rules for uncleared swaps

WASHINGTON, Sept 17 (Reuters) – The U.S. derivatives
regulator on Wednesday proposed a new rule for safety margins
for uncleared swaps, a last remaining building block in its
efforts to make the $710 trillion global market safer.

The Commodity Futures Trading Commission’s rule will be
largely identical to one proposed by bank regulators, which
determines the margin for swaps traded outside clearing houses,
firms that stand between buyers and sellers.

Sep 17, 2014

U.S. derivatives watchdog to propose rules for uncleared swaps

WASHINGTON, Sept 17 (Reuters) – The U.S. derivatives
regulator on Wednesday met to propose a new rule for safety
margins for uncleared swaps, a last remaining building block in
its efforts to make the $710 trillion global market safer.

The Commodity Futures Trading Commission said the rule will
be largely identical to one proposed by bank regulators, which
determines the margin for swaps traded outside clearing houses,
firms that stand between buyers and sellers.

Sep 16, 2014

U.S. court mostly upholds CFTC’s cross-border rules on swaps

WASHINGTON (Reuters) – A court on Tuesday largely rejected a challenge from banking groups to the way the U.S. swaps regulator applies its rules overseas, a hotly debated issue as it reins in the $710 trillion global market.

The majority of the claims by the three banking groups failed because the 2010 Dodd-Frank Wall Street reform law stated that the Commodity Futures Trading Commission could apply its rules to overseas business in certain cases, the ruling in U.S. District Court for the District of Columbia said.

Sep 12, 2014

Bitcoin gets boost as U.S. watchdog approves first swap

WASHINGTON (Reuters) – TeraExchange on Friday launched a swap based on the bitcoin virtual currency, becoming the first to receive approval from a U.S. federal regulator for a financial product based on the budding technology.

The derivative allows clients to protect the value of their bitcoin holdings by locking in a dollar value, offering an insurance against the astronomical price swings that have plagued the computer-generated currency.

Sep 10, 2014

CFTC keeping tabs on LME amid aluminum warehousing crisis

NEW YORK (Reuters) – The U.S. commodities markets regulator is still keeping tabs on the London Metal Exchange as the 137-year-old exchange tries to resolve an ongoing crisis over its warehousing policy that end users say has inflated prices and distorted supplies.

In an interview with Reuters, Timothy Massad, the newly installed chairman of the Commodity Futures Trading Commission (CFTC) said the regulator has been in touch with the LME as it prepares to launch a new aluminum contract in a bid to ease concerns that global aluminum pricing is broken.

Sep 10, 2014

U.S. regulator would welcome delay of EU clearing rules

WASHINGTON (Reuters) – A top U.S. regulator said on Wednesday he would welcome a delay by the European Union that gave more time to resolve a conflict with Washington over making derivatives markets safer.

Reuters reported last week that the EU is discussing whether to move a deadline by which U.S. clearing houses, which act as go-betweens for buyers and sellers, must meet EU rules when doing business there.

Sep 4, 2014

MetLife contesting ‘systemic’ tag by U.S. risk council

WASHINGTON (Reuters) – Insurer MetLife on Thursday spoke out strongly against a proposed government designation that would subject it to stronger regulatory oversight, saying it did not rule out any legal means to fight the decision.

MetLife is the third insurer to be tapped for such a designation as “systemically important,” which comes with heavy capital requirements and strict supervision by the Federal Reserve comparable to that of the largest banks.

Sep 4, 2014

Exclusive: U.S., Europe head toward delay in squabble over swaps rules – source

WASHINGTON (Reuters) – The European Union is discussing delaying a deadline for a second time in its efforts to reform the global derivatives market, a source familiar with the matter said, as talks with U.S. regulators have failed to produce a breakthrough on a main sticking point.

The two sides are still at odds on allowing clearing houses, which stand between buyers and sellers of derivatives to reduce risk, to operate in each others’ jurisdictions.

Sep 3, 2014

U.S. regulators adopt tighter rules for banks’ cash needs

WASHINGTON, Sept 3 (Reuters) – U.S. regulators on Wednesday
adopted rules for banks to hold enough easy-to-sell assets to
keep them afloat during a crunch, after many were caught short
of cash during the 2007-09 financial crisis.

The rules, approved by the U.S. Federal Reserve and the
Office of the Comptroller of the Currency, are a new building
block in a global effort to make big banks such as JPMorgan
Chase and Citigroup sturdier and head off a future
meltdown.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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