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Articles tagged with: Derivatives

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 in the News: Fed Proposes New Rule Capping Business Between Banks (NY Times)
March 4, 2016 – 8:46 am

“Banking specialists who favor more stringent Wall Street rules expressed some concerns… ‘A derivatives exposure that looks small in normal times can become enormous in times of financial stress,” said Marcus Stanley, policy director at Americans for Financial Reform. “This rule may not contain adequate protections against that kind of risk.’”

Letter to Regulators: AFR Calls on CFTC Not To Weaken Derivatives Risk Protections
December 14, 2015 – 4:33 pm

“This week, the Commission faces key decisions in finalizing a crucial protection against derivatives risk, namely the rules governing mandatory provision of margin for derivatives transactions… In this letter, we wish to address one important area of these margin rules, namely requirements for inter-affiliate margin in transactions between swap dealers and affiliated entities. This issue has taken on increased prominence in recent months due to intense lobbying by major Wall Street banks to reduce or eliminate requirements for initial margin in inter-affiliate transactions. “

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 in the News: Banks Would Get Boost for Overseas Swaps in House CFTC Bill (Huffington Post)
May 13, 2015 – 2:56 pm

“The legislation would make it easier for Wall Street to escape tough rules designed to make trading more competitive and transparent, Marcus Stanley, policy director for Americans for Financial Reform, said in an interview. ‘It could undo various parts of the Dodd-Frank Act by permitting American banks to transact in locations where swaps are not as well-regulated,’ Stanley said.”

AFR in the News: SEC Nods to Industry on CEO Pay, Overseas Swaps (Bloomberg)
April 30, 2015 – 9:29 am

Marcus Stanley, policy director for Americans for Financial Reform… questioned the SEC’s proposal [for a derivatives exemption]. “We have lots of doubts and questions here about the direction they’re going,” Stanley said. “If they’re going to permit foreign subsidiaries of U.S. banks to sidestep the clearing and exchange trading requirements even for transactions conducted in the U.S., that’s a problem.”

Letter to Congress: AFR Opposes Three Bills, Supports Another, Being Considered by the House Financial Services Committee
April 29, 2015 – 1:59 pm

“On behalf of Americans for Financial Reform (AFR), we are writing to express our opposition to several of the bills under consideration in today’s subcommittee hearing, as well as our support for HR 1847, the “Swaps Data Repository and Clearinghouse Indemnification Act”.

AFR in the News: ‘Flash crash” charges spark alarm over regulation of US markets (Financial Times)
April 23, 2015 – 6:00 pm

“Marcus Stanley of Americans for Financial Reform… said Mr Sarao’s arrest highlighted the weakness of regulation and fragmented markets. ‘If your kid is playing around in your house and the floor collapses, is the problem that the kid was jumping up and down or that your house was built badly? You should have a structure that should withstand this kind of thing,’ he said.”