Happy New Year from the CFTC: Delays to swaps rules contain some hidden surprises

Big changes are happening at the CFTC:  With the departure of Gensler, and the swearing-in of acting Chairman Mark Wetjen, everyone knew that there would be a change of approach.  However, the scale and speed of that change has come as a surprise to many. In fact, almost the moment Gensler stepped out of the

EMIR ultimatum: EU regulators, banks and their customers in Mexican standoff

Why EMIR has some banks threatening to stop trading derivatives by 15 September. Under EMIR there are three kinds of counterparties: financial (FC), non-financial (NFC), and non-financial over the clearing threshold (NFC+).  By 15 September, FCs and NFCs trading derivatives with one another must agree in writing the joint steps to be taken to mitigate

Stuck inside the ring-fence? Just marry a millionaire

On Thursday, consultation opened on secondary legislation from the Banking Reform Bill, which centres on implementing the Vickers recommendations to ring-fence retail banking activities. The legislation will have potentially large consequences for KYC on-boarding, risk and corporate governance. Banks are required to identify and report their ‘core’ and ‘non-core’ deposits. Core deposits must be held