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  1. #1

    SEFs 2015 outlook: industry sees more flexible execution rules; harmonization

    Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.

  2. #2

    SEFs 2015 outlook: industry sees more flexible execution rules; harmonization

    Indeed, harmonization and cross-border issues appear to be at the top of the agenda for the International Swaps and Derivatives Association (ISDA). In several speeches since becoming head of the industry group last year, Scott O’Malia, a former commissioner at the Commodity Futures Trading Commission (CFTC), has made it clear that for him regulators need to ensure that cross-border oversight is based on risk and not geographic location.

  3. #3

    SEFs 2015 outlook: industry sees more flexible execution rules; harmonization

    ”Perhaps the biggest concern I have consistently heard over the past month or so is the importance of cross-border harmonization,” said O’Malia, shortly after becoming ISDA’s chief executive. ”In the medium and longer term, ISDA will remain focused on providing solutions to global regulators to resolve their differences and create an outcomes-based regulatory regime that relies on substituted compliance.”

  4. #4

    SEFs 2015 outlook: industry sees more flexible execution rules; harmonization

    Research published by ISDA last year showed that OTC derivatives markets have become fragmented along geographic lines since the start of the SEF regime in the U.S. in October 2013. The trend was most noticeable among euro interest rate swaps, with European dealers opting to trade with other European parties, avoiding U.S. dealers in Europe.

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