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Articles tagged with: CFTC

Letter to Regulators: AFR Calls on CFTC to Forcefully Regulate High-speed Automated Trading
May 2, 2017 – 11:28 am

“…We urged the Commission to be more aggressive in laying out structural reforms to the markets and more specific limits on dangerous automated trading practices. The current Supplemental NPRM does not change our basic assessment, as it maintains the basic framework of the 2015 NPRM, with no movement toward additional specificity in risk limits or risk control requirements or reduced discretion for market actors in designing and implementing risk controls…

AFR Statement: CFTC Cuts Swaps Dealers Too Much Slack
November 23, 2016 – 5:11 pm

“AFR is disappointed at the continuing extension of exemptions from swaps reporting for foreign dealers active in the U.S. markets. Some of the transactions to which this relief applies, such as transactions with supposedly non-guaranteed affiliates of U.S. banks, could be highly relevant to derivatives risks within the U.S. economy.”

AFR Statement: Delaying the lowering of de minimis threshold hurts oversight, protections for counterparties
September 15, 2016 – 10:31 am

We are deeply disappointed that CFTC Chair Massad has delayed by one year the lowering of the “de minimis” threshold that requires Swap Dealers to register with the Commission. The decision by the Chair means that many derivatives business will continue to operate for two more years without the new oversight Congress mandated they receive.

AFR Statement: The CFTC must stand firm on derivatives margin rules
September 8, 2016 – 10:08 am

“At today’s meeting, the Commodity Futures Trading Commission (CFTC) will rule on whether derivatives margin rules required by Japanese regulators are comparable to U.S. margin requirements… Japanese margin rules are significantly weaker than U.S. rules in several important areas. These include margin protections in case of the bankruptcy or failure of a foreign counterparty, and the types of non-cash margin accepted. Permitting U.S. firms to operate under these weaker rules would constitute an unacceptable back-door weakening of U.S. margin rules. We are concerned that such a comparability determination would set a precedent for permitting similar weakening in other jurisdictions and in other areas of derivatives oversight.”

Letter to Regulators: AFR Calls for Tougher Automated Trading Rules
March 18, 2016 – 12:24 pm

“[T]he proposed Reg AT is long overdue. At the same time, however, the self-regulatory approach taken here falls far short of a clear set of limits on the most dangerous and predatory practices made possible by automated trading technology.”

AFR Statement: No More Dodd-Frank Exemptions for Cross-Border Derivatives Trades
August 20, 2015 – 11:58 am

“AFR once again calls on regulators to reconsider and end their sweeping regulatory exemptions for international derivatives operations of U.S. banks and to provide greater transparency to the public concerning the size and potential impact of such exemptions.”

AFR Statement: Sneak Attack on Financial Reform
July 24, 2015 – 3:10 pm

“A funding measure approved by the Senate Appropriations Committee yesterday contains an outrageous sneak attack on the Consumer Financial Protection Bureau and the reforms of the Dodd-Frank Act. The FY2016 Financial Services and General Government Appropriations bill incorporates the entirety of a 229-page financial deregulation bill – one that had been rejected by every Democrat on the Banking Committee, the proper venue for such legislation.”

AFR Statement: Appropriations Bill Is Backdoor Financial Deregulation
July 22, 2015 – 2:20 pm

“In addition to [a] dangerous and highly partisan rollback of financial regulations, the legislation takes aim at the Consumer Financial Protection Bureau, despite, or perhaps because of, the fact that is succeeding at its job of making the consumer finance markets safer and fairer. The appropriations bill contains policy riders that would dramatically weaken the CFPB by making it the only bank regulator which does not have independent funding, and by replacing the CFPB’s single director with a five-member commission – a known recipe for gridlock.”