SECFTC regulation?July 30, 2009 The Securities and Exchange Commission or the Commodity Futures Trading Commission, or potentially both, will oversee the regulation of OTC derivative dealers, exchanges and clearinghouses, according to a broad agreement announced today by two key Congressmen, House Financial Services Committee Chairman Barney Frank, D-MA., and House Agriculture Committee Chairman Collin Peterson, D-MN. The deciding factor in determining which agency has authority will be the underlying asset on which the derivative is based, according to a concept paper jointly released by the legislators. The Financial Services Oversight Council, a new body made up of the heads of the major regulators, will resolve disputes between the SEC and the CFTC over regulation or joint regulation of new products within 180 days, the agreement said. While some regulators have supported combining the SEC and the CFTC, Frank and Peterson agreed that such a merger would be highly complex, and therefore likely to delay derivatives legislation. Under today’s agreement, which promises “robust oversight of dealers and markets,” derivatives must be cleared by an approved clearinghouse. “Exchange trading and trading on electronic platforms will be strongly incentivized and encouraged,” it said, adding that “Regulators should have authority to prohibit or regulate transactions that are not traded on an exchange or cleared.” Primary oversight authority of the credit default swaps (CDS) clearinghouse, ICE Trust, will be shifted from the Federal Reserve to a market regulator within six months of enactment of enabling legislation, the paper said. Other key parts of the agreement provide that all OTC derivative trades must be reported to a qualified trade repository; requests for approval to serve as a clearinghouse, exchange or electronic trade platform must be acted on by the appropriate agency within 180 days; and the statutory and regulatory powers of the SEC and the CFTC are to be harmonized with respect to the OTC derivatives market, including registration requirements for dealers. Frank and Peterson said they plan to begin work on derivatives legislation in September. NEWS CFTC To Include ICE Futures Europe Data In Weekly Trader ReportCNNMoney.com - Jul 30, 2009 "The CFTC has a responsibility to ensure that our markets are transparent and free from fraud, manipulation and other abuses," CFTC Chairman Gary Gensler ... CFTC chief wants limits on commodity trading Purchasing.com FSA to Meet Oil Industry New York Times CORRECTED - Speculators trim short dollar position -CFTCReuters - 15 hours ago NEW YORK, July 31 (Reuters) - Currency speculators trimmed their bets against the dollar in the latest week, according to Commodity Futures Trading ... CFTC Weighing Strict Position Limits, Gensler SaysBloomberg - - Jul 28, 2009 The CFTC, which oversees $5 trillion in daily trading on futures including oil and currencies, is refereeing a debate over the influence speculators have on ... Big Oil's stake in CFTC crackdown MarketWatch CFTC Chief Seeks Curbs on Oil Trade; Data Rift? Wall Street Journal Gensler Seems Convinced On Energy Position Limits CNNMoney.com OIL FUTURES: Crude Falls On CFTC, Weak Demand ConcernsWall Street Journal - Jul 29, 2009 The Wall Street Journal said that the CFTC would in August reverse the findings of last year's study, more closely linking speculators to the rise in prices ... Crude supplies surge MarketWatch Crude Oil prices likely to trade sideways to down Commodity Online US SEC, CFTC unveil crackdown on OTC derivativesReuters - - Jul 22, 2009 CFTC Chairman Gary Gensler told the House Financial Services Committee in a hearing that all derivatives dealers should face rules regarding capital, ... Financial regulator's chief does an about-face on derivates Los Angeles Times SEC, CFTC Eye Margin Oversight Of OTC CCPs Operations Management SEC, CFTC Urge OTC Changes Emii.com
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