Chief Correspondent M&A and investment banking
Douwe's Feed
Oct 21, 2013

Shell trading unit registers with U.S. swaps regulator

WASHINGTON, Oct 21 (Reuters) – A Houston-based unit of Royal
Dutch Shell Plc applied to become a registered
derivatives dealer, the second global oil company to accept
tough new U.S. trading rules.

More than 80 banks across the world that dominate the
lucrative commodity derivative trading business have registered
as so-called Swap Dealers with the Commodity Futures Trading
Commission since the beginning of the year.

Oct 18, 2013

Fed’s Tarullo says bank funding still biggest risk

WASHINGTON (Reuters) – Reforming short-term funding markets in which banks finance large parts of their business, remains the biggest unfinished job for supervisors around the world, a top U.S. bank regulator said on Friday.

“The most important systemic vulnerabilities that have not been subject to sufficient regulatory reforms are those created in short-term wholesale funding markets,” U.S. Federal Reserve Governor Daniel Tarullo said in a speech.

Oct 11, 2013

Exclusive: U.S. CFTC finishing new, tougher commodity limits rule – sources

WASHINGTON (Reuters) – The U.S. derivatives market regulator is nearing completion of a new rule for position limits in commodity markets that is in parts tougher than the previous proposal, two sources with direct knowledge of the plan said.

Commodity Futures Trading Commission Chairman Gary Gensler is rushing to get a revamped rule out before he leaves office in December, said the sources, even while agency lawyers are still preparing to defend the original position limits regulations that were knocked back by a U.S. court last year.

Oct 9, 2013

EU must speed up banking union to gain trust, IMF says

WASHINGTON (Reuters) – The International Monetary Fund urged the European Union to quickly set up an agency that would close or salvage troubled banks across the continent as part of an effort to shed a mountain of bad debt impeding economic recovery.

The recommendation – one of a long list to address structural faults in the world economy – comes as European Union lawyers raised concerns about the plan to set up a so-called banking union.

Oct 8, 2013

U.S. swaps markets go unpoliced in shutdown, regulator warns

WASHINGTON (Reuters) – Hundreds of trillions of dollars worth of derivatives are changing hands unsupervised during the U.S. government shutdown, raising the risk that doubtful activity goes by unnoticed, a top regulator warned.

“The cops aren’t on the beat looking at the derivatives markets in the United States,” Bart Chilton, a member of the Commodity Futures Trading Commission (CFTC) told CNBC television in an interview on Tuesday.

Oct 4, 2013

Change U.S. law on banks and commodities, regulator says

WASHINGTON (Reuters) – Congress should limit Wall Street’s controversial role in commodity markets, and rewrite a law that gives banks broad leeway to own oil, metals and other raw materials, a senior U.S. regulator said on Friday.

The Federal Reserve, the top U.S. bank watchdog, is rethinking its policy of allowing banks to operate in commodity markets amid accusations they inflate the prices of items such as aluminum and electricity.

Oct 2, 2013

Swap exchanges launch in threat to Wall Street profits

WASHINGTON, Oct 2 (Reuters) – More than a dozen new U.S.
exchanges opened their doors for clients on Wednesday, marking
the start of regulated trading of derivatives in a threat to one
of Wall Street’s most lucrative businesses.

Business may be tepid at first, because the bulk of the $630
trillion market will slowly move over to the exchanges in the
coming months, as part of a gradual implementation of the
Dodd-Frank law to overhaul Wall Street.

Oct 1, 2013

CFTC’s top Libor enforcer quits

WASHINGTON (Reuters) – The U.S. derivatives regulator’s top enforcer, best known for hunting down and imposing big fines on investment banks for manipulating the Libor interest rate benchmark, will be stepping down this month, the agency said on Tuesday.

The departure of David Meister, head of enforcement at the Commodity Futures Trading Commission, comes as his close ally CFTC Chairman Gary Gensler’s five-year term draws to a close at the end of the year without a clear candidate to replace him.

Sep 28, 2013

U.S. watchdog allows delay to smooth transition to swaps trading

WASHINGTON, Sept 28 (Reuters) – The U.S. derivatives
regulator late on Friday gave a new and untested type of trading
platform a bit more time to comply with some of its rules, to
smooth the transition to regulated trading next week.

The Commodity Futures Trading Commission (CFTC) has been
rushing through permits for the platforms – called Swap
Execution Facilities – that must open their doors for customers
on Wednesday.

Sep 27, 2013

U.S. swaps watchdog rushes trading approvals as shutdown looms

WASHINGTON, Sept 27 (Reuters) – The U.S. derivatives
regulator has been rushing through approvals for a new untested
type of trading platform before a possible government shutdown
next week, the head of the agency said on Friday.

The agency has hastily pushed out permits for companies to
run the exchanges to trade swaps – called Swap Execution
Facilities – that will go live Wednesday, as part of an overhaul
of Wall Street after the crisis.

    • 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."
    • More from Douwe

    • Follow Douwe