Over-the-counter derivatives
Fed governor explains dissenting vote on Volcker Rule implementation
Sarah Raskin justifies her vote against Volcker Rule implementation; argues rule’s provisions unlikely to have significant impact on liquidity
Asian central banks press ahead with OTC derivatives reform
Reserve Bank of India launches OTC derivatives trade repository; HKMA reveals results of consultation on derivatives regulation
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
Bank of England to post collateral in OTC derivatives trades
BoE thought to be the first major central bank to change policy on collateralisation as it seeks to reduce dealer funding charges
FSB report highlights countries behind on OTC reforms
Progress report shows many countries failing to implement OTC derivatives market reforms; calls for 'aggressive push' to meet deadline
IMF readies €28bn in support of Greece
International Monetary Fund managing director Christine Lagarde plans to get funds approved this week; Isda rules debt restructuring a ‘credit event’
Cœuré gives ECB perspective on priorities for the reform of financial regulation
Newest member of the European Central Bank's executive board talks about the key issues financial regulatory reforms must address
BIS working paper studies collateral requirements
Research estimates collateral requirements for mandatory central clearing of over-the-counter derivatives; finds major dealers already have ample assets to meet initial margin requirements
FSB discusses plans for the year
Financial Stability Board covers 2012 work plan in latest meeting; considers extending Sifi framework to domestic banks and globally significant insurance companies
HKMA’s Lau lays out strategy for regulating OTC derivatives
Hong Kong Monetary Authority executive director Edmond Lau says Hong Kong over-the-counter derivatives regulation must meet international standards
FSB sets out framework for monitoring implementation of financial reforms
Financial Stability Board announces co-ordination framework for implementation monitoring of G20/FSB financial reforms; priority areas set for extra scrutiny
FSB warns members not to misinterpret G-20 commitments
The FSB warns that some regulations appear to be contrary to the spirit of the OTC derivatives reforms agreed by G-20 members – a statement some believe was prompted by a disagreement over the scope of European derivatives regulation
MAS’s Menon dismisses Asian regulatory arbitrage opportunity
Monetary Authority of Singapore managing director Ravi Menon says suggestions that central banks in Asia and Singapore will implement less stringent over-the-counter derivatives rules are untrue
G-20 reforms complex but necessary: Canada’s Lane
Bank of Canada deputy governor discusses merits and disadvantages of creating new Candian central counterparty in light of G-20 reforms to financial infrastructure
Regulators may not have authority to delay Dodd-Frank, warn lawyers
Some lawyers claim the CFTC and SEC may not have power to delay enforcement of the Dodd-Frank Act – a grey area that could lead to disputes
FSB reviews OTC reform
Financial Stability Board progress report says implementation of OTC derivative reform varies across countries
Non-US sovereigns should collateralise swaps, say US bank regulators
Progress towards sovereign collateral posting has been slow. Now, US regulators are proposing to make it mandatory - for all non-US entities
New York Fed to set up working group on OTC reforms
New York Federal Reserve receives commitment from market participants to support strategic road map on reforms to over-the-counter derivatives markets
Polish OTC clearer aims for 2012 launch as Europe fragments
Another central counterparty plans to launch in Europe, starting with zloty-denominated interest rate swaps
CCP reform risks further bailouts: IMF research
Fund study says reforms on central counterparties will not reduce systemic risk and could lead to further taxpayer funded bailouts
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
Fed, Greenspan blamed for crisis by bulk of crisis commission
Six of ten members point finger at weak regulation and lack of awareness as to the goings-on in markets as causes of the crisis; four dissent, saying under-regulation claims overstated
Global supervisors gather at NY Fed for OTC meet
Regulators and supervisors head to Liberty Street for eighth OTC derivatives gathering
Hong Kong lawmakers to enforce mandatory CCP by the end of 2012
Hong Kong joins Japan in mandating central counterparty clearing for OTC derivatives with CCPs and a central repository expected to be set up in the coming months.