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03 Dec
2013

Moving the goalposts: How does the CFTC’s recent announcement change the game for non-US swaps businesses?

The OTC trading space is being kept on its toes by the Commodities and Futures Trading Commission (CFTC); recent developments mean that more market participants worldwide are in scope of US derivatives rules than ever before.  In our previous piece, JWG analysed the CFTC’s rules on who is a ‘US person’ for their purposes, and Read More

26 Sep
2013

Cart before the horse: Commissioner O’Malia lambasts CFTC’s approach to cross-border regulation

  • 26th September 2013
  • RegTechFS

At a recent conference in Switzerland, Scott O’Malia of the CFTC spoke out against his organisation’s approach to cross-border regulation thus far.  The speech, entitled ‘Regulatory Harmonisation, Not Imperialism: A Workable Cross-Border Framework’, criticises US regulators’ protectionist stance when it comes to areas such as OTC regulation, putting national interests before international: ‘What the Commission Read More

11 Sep
2013

Battle of the single markets: ESMA’s approach to equivalence means further rule fragmentation

  • 11th September 2013
  • RegTechFS

As of the beginning of September, ESMA has now issued its recommendations on the equivalence of six countries’ OTC rules: the US, Australia, Hong Kong, Japan, Singapore and Switzerland.  However, only Australia and Switzerland were found to be equivalent, whereas firms and FMIs from the other four countries will have to be jump through certain Read More

07 Aug
2013

No easy answers: New EMIR Q&A extends classification challenge

  • 7th August 2013
  • RegTechFS

On 6 August, ESMA updated its Q&A guidance on the implementation of EMIR (read here).  Firms should pay particular attention to these Q&As as they have been known to overturn some common assumptions in the past, and this edition is no exception.  In particular, the new answers spell bad news for the future cost of Read More