External Meetings: Meet with Morgan Stanley
External Meetings: Meet with Morgan Stanley
Discussed SD Capital Rule and proposed impact on various entities.
External Meetings: Call with Nomura re Capital Rule
External Meetings: Call with Nomura re Capital Rule
Discussion regarding the risk margin amount in the capital proposal. Specifically whether the current proposal could produce "double-counting" of capital with respect to market and credit risk charges under the net liquid assets capital determination method.
Commodity Futures Trading Commission - Overview
Commodity Futures Trading Commission - Overview
The mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.
External Meetings: Meet w/ NFA
External Meetings: Meet w/ NFA
Discuss Proposed SD Capital Rules, financial reporting, harmonization to the SEC, etc.
External Meetings: Meet w/ Representatives of SIFMA/ISDA
External Meetings: Meet w/ Representatives of SIFMA/ISDA
Discuss proposed SD Capital Rules, risk margin, cost of capital, etc.
External Meetings: Meeting with DTCC
External Meetings: Meeting with DTCC
Discussion regarding harmonization across parts 43 and 45 and technical specifications, as well as discussion regarding the implementation of data accuracy confirmations under Part 49.
External Meetings: Conference call with MFA
External Meetings: Conference call with MFA
Discussion of position limits and Form CPO-PQR proposed rules.
External Meetings: Call with DTCC re swap data reporting
External Meetings: Call with DTCC re swap data reporting
Discussion regarding harmonization across parts 43 and 45, as well as discussion regarding the implementation of data accuracy confirmations under Part 49. Attached comment letters provide more information.
How Customized are Interest Rate Swaps?
- Given perceived benefits with respect to trading efficiency, many expected a “futurization” of the interest rate swap (IRS) market after Dodd-Frank essentially leveled the regulatory playing field across futures and swaps.
- One longtime explanation of why rates trading has not shifted more to futures is that many market participants demand customized terms, which standardized futures cannot provide.
- This paper does not support the customization hypothesis.
External Meetings: Conference call with NCFC
External Meetings: Conference call with NCFC
Discussion of 2020 position limits proposal.