ECB threatens to stop trading swaps with US counterparties

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Risk.net Regulation News Update 25 October 2011 This Week's Top Story ECB threatens to stop trading swaps with US counterparties ECB invokes US legal amendment providing it with broad immunities and says it might stop using US dealers unless granted exemptions from Dodd-Frank Act rules Categories: Derivatives Topics: European Central Bank (ECB), Dodd-Frank Act, Commodity Futures Trading Commission (CFTC), World Bank, International Finance Corp (IFC) ... Mobile RSS Risk USA 2011 October 31 – November 3 The full agenda for this year's Risk USA is now available. Visit riskusa.com, topics to be discussed at this year's event include: Dodd-Frank implementation and its affect on the financial industry Market, liquidity and operational risk, portfolio management and asset allocation, systemic and credit risk, quantitative risk management strategies, risk and investment challenges facing banks institutional investors, asset managers; insurance firms, pension funds and large non-financial corporates. More of this week's news Isda: Inconsistency among regulators worrying Dodd-Frank's extraterritoriality and supervisory focus on market structure reforms that will not deliver systemic risk reduction are concerns, says Isda chair Stephen O'Connor Energy firms need to gear up for Remit insider-trading rules, lawyers warn As early as December, energy trading firms could be subject to a compliance regime for Europe's complex - and confusing - new insider-trading rules BofE's Tucker: weak CCP recovery plans risk mayhem Panellists at an EC conference in Brussels this morning warned CCPs have made little progress on detailed survival plans - leaving the system exposed Mixed reaction to Mifid II's proposals to improve trading transparency Firms say definition of "algorithmic trading" needs revising, while exchanges applaud new pre- and post-trade transparency framework for OTC derivatives Industry calls for further clarity on Mifid II The European Commission tabled proposals to revise the Markets in Financial Instruments Directive on October 20. But traders remain concerned about the implications of a one-size-fits-all approach to... Fink: Billions could flow into preferreds as banks recapitalise BlackRock chief calls for perpetual preferred shares to be counted towards Tier I capital at Europe's banks US watchdog spots conflict of interest with Fed director roles US Government Accountability Office identifies three examples where senior bank executives might have benefited from their positions on regional Federal Reserve boards Turner warns of capital requirements dilemma FSA chair Adair Turner insists on the consideration of counter-cyclical macro-prudential policies in the run-up to regulatory structure overhaul Dealers see danger in CFTC's $50m clearing capital limit CFTC says 38 FCMs would be able to act as OTC clearing members under $50 million capital limit - but dealers fear it will weaken CCPs, and call for tough membership rules to redress the balance Regulatory experts say EU's naked CDS ban is ill-judged The new rules are "another instance of the authorities blaming the wrong people and imposing the wrong policies", says Cass's Ian Marsh Lords take Vickers to task over robustness of plans Vickers faced fierce questioning on Independent Commission on Banking's final report and recommendations; incentive for banks to cheat the system discussed FX Week Asia: Options clearing on hold, prime brokers confirm Forex clearing will be restricted to non-deliverable forwards as US authorities discuss whether settlement risk can be properly managed for cleared forex options, according to speakers at the FX Week... A divided CFTC approves new commodities position limit rules "The pursuit by industry of legitimate and appropriate risk management is now made unduly onerous," says CFTC commissioner Scott O'Malia Related news this week from other categories Evans appointed as director of risk consulting at KPMG Paul Evans has left Soca to join KPMG as a director of its UK risk consulting practice Fears of overreach in Mifid II and Mifir bond rules Industry experts warn new Mifid and Mifir proposals might push business overseas   Related publications: Risk magazine, Operational Risk & Regulation, Life & Pension Risk, Central Banking Related categories: Risk Management, Investment

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