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Feb 10, 2014

U.S. regulator tells banks to improve derivatives data

WASHINGTON (Reuters) – The U.S. derivatives watchdog on Monday chided the industry for providing gappy data on the $630 trillion market, highlighting a rising concern for regulators around the world.

The Commodity Futures Trading Commission has repeatedly said that a deluge of swaps trading is overwhelming its computers since reporting started a year ago, and that it still cannot adequately monitor risk.

Feb 7, 2014

JPMorgan’s Masters abruptly quits group advising regulator

WASHINGTON (Reuters) – Blythe Masters, who heads JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) commodities business, has left a group advising the U.S. derivatives regulator only a day after she joined it, the agency said on Friday.

JPMorgan declined to comment on the about-face by Masters, one of the most prominent women on Wall Street.

Feb 6, 2014

JPMorgan’s Masters joins regulator advisory committee

WASHINGTON (Reuters) – Blythe Masters, who heads JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) commodity business, has joined a committee advising the U.S. derivatives regulator, the agency said on Thursday, a move that comes as Masters’ bank is shedding part of its physical commodity operations.

The Commodity Futures Trading Commission (CFTC) on Thursday voted on the new composition of its Global Markets Advisory Committee, a group of market participants that meets regularly to discuss a broad range of issues.

Jan 31, 2014

U.S., EU pledge better cooperation on derivatives reform

WASHINGTON (Reuters) – U.S. and European Union regulators on Friday pledged to work more closely together on reforming the $630 trillion (382.79 trillion pounds) derivatives market after publicly locking horns over the issue last year.

In a briefing after bilateral talks in Washington on Thursday, the EU and the U.S. Treasury Department also said they were concerned about the lack of progress in putting accounting standards on an equal footing.

Jan 27, 2014

UK Broker ICAP to lose role in ISDAfix swaps benchmark

Jan 26 (Reuters) – Swaps broker ICAP will give up
its role in establishing a widely used benchmark for
derivatives, two sources familiar with the situation said on
Sunday, after U.S. and UK regulators started probing the
process.

The International Swaps and Derivatives Association (ISDA)
will announce the change as early as Monday, one of the sources
said, another blow for the UK broker after its involvement in
the Libor rate-rigging scandal.

Jan 24, 2014

Exclusive: Global regulators eye forex benchmarks after rigging probe

WASHINGTON (Reuters) – A powerful global financial regulator will scrutinize benchmarks used in currency trading, it said on Friday, a first sign that the largely unregulated market may be kept on a tighter leash after allegations of manipulation.

The Financial Stability Board, which coordinates regulation for the Group of 20 leading economies, is already working on a reform of interest rate benchmarks after the Libor interbank rate-fixing scandal.

Jan 23, 2014

IMF warns more work is needed to tackle big bank risk

WASHINGTON (Reuters) – Big banks still pose a threat to the world financial system because there is a general assumption that governments will come to their rescue in case of trouble, an International Monetary Fund executive said on Thursday.

“It is astonishing that officials in countries are still largely ill-equipped to deal with a Lehman Brothers-style bankruptcy, where assets and liabilities are scattered across multiple jurisdictions and entities,” Jose Vinals, tasked with financial oversight at the IMF, said in a blog post.

Jan 21, 2014

U.S. swaps regulator may revise rules to deal with data overload

WASHINGTON (Reuters) – The U.S. swaps regulator said it will seek help from the financial industry to cope with the raft of data it is receiving following the implementation of new regulations imposed in the wake of the financial crisis, and a commissioner said it may have to revise its rules.

The surge of new trading data has overwhelmed the Commodity Futures Trading Commission ever since early last year, when tougher rules to oversee the opaque and formerly unregulated derivatives market came into force.

Jan 3, 2014

Swaps regulator Gensler: banker turned Wall Street scourge

WASHINGTON, Jan 3 (Reuters) – As Gary Gensler wraps up his
last day as the head of the U.S. Commodity Futures Trading
Commission on Friday, he leaves behind a long list of ardent
admirers of his tough-nosed reforms and passionate critics who
believe he has injured well-functioning markets.

Once a swaps trader at Goldman Sachs and then a
Treasury Department official known for his role in rolling back
bank rules in the late 1990s, the 56-year-old surprisingly
became the regulator Wall Street feared most in the wake of the
financial crisis.

Dec 28, 2013

U.S. bank watchdogs to consider Volcker rule tweak

WASHINGTON, Dec 27 (Reuters) – U.S. bank regulators said on
Friday they would consider allowing banks to hold on to certain
complex securities despite a new rule limiting risky
investments.

The announcement came after lenders warned in a lawsuit of
hefty losses from the so-called Volcker rule.

    • 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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