Financial Regulatory Forum

U.S. House panel passes derivatives overhaul in big step for Obama

By Kevin Drawbaugh and Charles Abbott

WASHINGTON, Oct 15 (Reuters) – The Obama administration scored its first financial regulation reform victory in months on Thursday when a U.S. congressional committee approved new regulations for over-the-counter derivatives.

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New U.S. derivatives bill addresses end user concerns

U.S. Rep. Collin Peterson (D-MN), chairman of the House Agriculture Committee, answers reporters' questions on his views of the relationship between the U.S. Federal Reserve and Wall Street, at the Reuters Financial Regulation Summit  in Washington, April 27, 2009.  REUTERS/Mike Theiler  (UNITED STATES POLITICS BUSINESS) By Kevin Drawbaugh and Christopher Doering
WASHINGTON, Oct 9 (Reuters) – The chairman of the U.S. House of Representatives Agriculture Committee on Friday unveiled a draft bill on regulation of over-the-counter derivatives that differs in some key respects from bills drawn up elsewhere in the House and by the Obama administration.

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COLUMN – OTC derivatives modernisation deserves support: John Kemp

U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee, listens to a reporter's question during the Reuters Global Financial Regulation Summit in Washington, April 28, 2009.  REUTERS/Jonathan Ernst (UNITED STATES POLITICS BUSINESS HEADSHOT)  — John Kemp is a Reuters columnist. The views expressed are his own –

By John Kemp
LONDON, Oct 9 (Reuters) – Prominent banks and some business groups have warned policymakers their efforts to force standardised over-the-counter (OTC) derivatives transactions onto futures exchanges and into the clearing system will drive trading offshore and raise the cost of genuine risk-hedging for non-financial firms.
But scaremongering by the finance industry’s well-paid lobbyists about “unintended consequences” should not deter legislators from pressing ahead with a worthwhile reform.

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OTC derivative end-users exempted in draft US bill

REGULATION-SUMMIT/

WASHINGTON, Oct 5 (Reuters) – A wide swath of end-users of over-the-counter derivatives contracts would be exempted from new rules requiring centralized clearing under draft legislation circulating in the U.S. Congress on Monday.

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SEC, CFTC to release harmonization report on Oct 15

Gary Gensler (R), chairman of the Commodity Futures Trading Commission, and Mary Schapiro, chairman of the Securities and Exchange Commission, testify before the House Financial services committee during a hearing on Capitol Hill in Washington July 22, 2009 (file photo). REUTERS/Yuri Gripas (UNITED STATES POLITICS BUSINESS) By Christopher Doering
WASHINGTON, Sept 30 (Reuters) – The two main U.S.
regulators policing the securities and futures markets said on
Wednesday they will issue on Oct. 15 a report outlining where
their regulatory frameworks differ and ways to bridge those
gaps.

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US SEC warns swaps may evade White House reform

USA/ By Charles Abbott and Rachelle Younglai
WASHINGTON, Sept 22 (Reuters) – The U.S. securities regulator warned Congress on Tuesday that parts of the $450 trillion private swaps market could still fall through regulatory cracks under the Obama administration’s financial reform plan.

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Divide grows on setting U.S. energy position limits

Traders work in the Crude & Natural Gas Options pit at the New York Mercantile Exchange June 10, 2009.   REUTERS/Shannon Stapleton By Christopher Doering
WASHINGTON, Sept 16 (Reuters) – The top U.S. futures regulator and two main commodity exchanges were conflicted on Wednesday over who should set tougher position limits if the the Commodity Futures Trading Commission proceeds to take action to curb market manipulation.

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EU joins U.S. call for more oil market transparency

By Jan Strupczewski and Pete Harrison
BRUSSELS, Sept 16 (Reuters) – The European Union has joined the United States in calling for action to improve transparency in oil markets, a draft EU document shows. (more…)

US, Britain to work on clearinghouse oversight

Gary Gensler, chairman of the Commodity Futures Trading Commission, testifies before the House Financial services committee on Capitol Hill in Washington July 2009, REUTERS/Yuri Gripas WASHINGTON, Sept 15 (Reuters) – The U.S. Commodity Futures Trading Commission and the United Kingdom’s Financial Services Authority said they will cooperate on the cross-border oversight of clearinghouses.

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U.S. needs needs easier way to prove commodity futures manipulation – regulator

By Christopher Doering
WASHINGTON, Sept 15 (Reuters) – U.S. prosecutors need an easier way to prove manipulation in commodity futures cases in order to better protect the market and consumers, a commissioner with the Commodity Futures Trading Commission said on Tuesday.

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