Revised Adjusted Net Capital Requirements for FCMs and IBs
Felix Shipkevich - December 31, 2009The CFTC is amending its regulations that prescribe minimum adjusted net capital requirements for futures commission merchants (‘‘FCMs’’) and introducing brokers (‘‘IBs’’). The amendments: increase the required minimum dollar amount of adjusted net capital that an IB must maintain from $30,000 to 45,000; increase the required minimum dollar amount of adjusted net capital that an [...]
CFTC modifies filing and reporting requirements applicable to FCMs and IBs
Felix Shipkevich - December 30, 2009The CFTC is amending certain of its regulations in connection with electronic filing of financial reports and related notices. The amendments broaden the language in the Commission’s regulations applicable to electronic filings of financial reports to clarify that, to the extent a futures commission merchant (‘‘FCM’’) submits a Form 1–FR to the Commission electronically, it [...]
CFTC expected to announce new position limit regime for energy derivatives markets
Felix Shipkevich - November 26, 2009CFTC is expected to announce a new position limit regime for energy derivatives markets by December 21. It is unclear whether new rules for energy products will resemble hard limits or softer accountability levels, which involve market participants making increased disclosures about the nature of big positions. Limits could place constraints on a fund or [...]
CFTC and SEC issue two joint orders related to security-based futures contracts, which clarify jurisdiction
Felix Shipkevich - November 20, 2009The CFTC and SEC issued two joint orders related to security-based futures contracts that clarify each Commission’s respective jurisdiction and allow additional products to underlie security futures.
The first joint order, which became effective on November 17, excludes certain foreign and domestic volatility indexes that are based on broad-based security indexes from the definition of “narrow-based [...]
O’Malia – “end users should not be mandated to utilize exchange trading for all standard swaps”
Felix Shipkevich - November 19, 2009Scott O’Malia, a Republican commissioner who was just confirmed by the U.S. Senate this fall, issued a written partial dissent to testimony Gensler gave before the Senate Agriculture Committee on Nov. 18.
“I do believe that commercial end users should not be mandated to utilize exchange trading for all standard swaps,” O’Malia wrote. “We should enable [...]
Congress to remove exemption for foreign exchange swaps and forwards from new central clearing requirements
Felix Shipkevich - November 18, 2009The US Congress will remove the exemption for foreign exchange swaps and forwards from new central clearing requirements when two over-the-counter derivatives reform bills moving through the House of Representatives are reconciled on the House floor early next month. The forex exemption is the legacy of the 1974 Treasury Amendment to the Commodities Exchange Act. [...]
CFTC amends reporting requirements for CPOs
Felix Shipkevich - November 9, 2009The CFTC has adopted amendments to its regulations regarding periodic and annual reporting requirements applicable to CPOs. The amendments:
• specify detailed information that must be included in the periodic account statements and annual reports for commodity pools with more than one series or class of ownership interest;
• clarify that the periodic account statements must disclose [...]
Request that CFTC stay EFF related rule interpretation by CME Group
Felix Shipkevich - October 23, 2009ELX Futures requested that the CFTC stay the rule interpretation by CME Group that would subject the CME’s clearing members to rule enforcement actions should they offer for clearing to the CME’s clearinghouse Exchange of Futures for Futures trades. The letter is below:
October 20, 2009
Mr. David Stawick
Secretary
Commodity Futures Trading Commission
Dear Mr. Stawick:
ELX Futures, L.P. (”ELX”) [...]
CFTC and FSA sign MoU
Felix Shipkevich - September 15, 2009The CFTC and FSA signed a Memorandum of Understanding to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations. Another such document was signed in 1996.
Outcome of SEC/CFTC joint meeting
Felix Shipkevich - September 3, 2009The White House has urged SEC and CFTC to give Congress a report by the end of September identifying their conflicts. Overlap and gaps in regulation have been identified and recommendations on how to resolve them are forthcoming.
