Columbia Law School
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Thank you, Mr. Chairman, and thank you to my colleague Commissioner Peirce and the terrific Staff in the Division of Trading and Markets for all of the hard work that so clearly went into this proposal. I’m especially grateful to
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Latham & Watkins discusses CFTC’s Enforcement Action Against Online Cryptocurrency Exchange
A recent enforcement action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading.
On June 2, 2016, the US Commodity Futures Trading Commission (CFTC) issued an order (the Bitfinex Order) filing, and …
Legal Perspectives on Client Clearing
In the immediate aftermath of the global financial crisis, the G20 quickly turned its attention to reforming the vast ‘over-the-counter’ (OTC) derivatives markets. The statement issued after the G20’s September 2009 meeting included the declaration that ‘[a]ll standardized OTC derivatives …
Mayer Brown explains Prudential Regulators’ Adoption of Margin Rules for Swaps and Security-Based Swaps
On October 22, 2015, the OCC, the Board of Governors of the US Federal Reserve System, the FDIC, the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Agencies”) adopted (i) a joint final rule1 to establish …
Remarks by OFR Director Richard Berner at the Third Annual Workshop on Financial Interconnectedness
Thank you to the organizers and BIS for the opportunity to address this research conference on “Global Financial Interconnectedness.” The OFR was established to identify, monitor, and assess threats to financial stability, so improving our collective understanding of the interconnectedness …
House Seeks to Harmonize Clearing and Margin Exemptions
The House is continuing Congress’ piecemeal rollback of the Dodd-Frank Act, a theme Alexander Sand and I explore in our recent article, Cutting Back: Revisions to Dodd-Frank Derivatives Rules.[1] Although the House has targeted a number of Dodd-Frank …
A Shift in Proposed Margin Regulation May Unleash Restraints on Banks’ Activities
A nuance in margin rules proposed by the CFTC and other federal financial regulators threatens to undermine a carefully struck balance in Dodd-Frank. As background, Title VII of Dodd-Frank subjected U.S. derivatives markets to a host of new regulations. Broadly …