Articles by Peter Madigan
Volcker fights back as prop-trading ban comes under attack
Former Fed chair tells Risk.net that calls for total overhaul of eponymous rule are misplaced
Banks gain no relief from CFTC's variation margin delay
No-action letter will benefit only a dozen or so swaps brokerages and energy firms
EU non-cleared margin regime set to take effect in January 2017
EC expected to publish its final non-cleared margin rules on October 4
Fears rise that Asia will miss March 2017 margin deadline
India, Australia, Singapore and Hong Kong have yet to publish non-cleared margin rules
US regulators favour September margin deadline
September 1 rollout threatens bilateral swap-trading chasm between EU and US
Delay US non-cleared margin rules, industry tells Congress
“This puts the US banks at a huge disadvantage relative to the European banks,” says CME’s Duffy
Traiana drama culminates in CEO’s exit
Solinger reinstated as CMO and head of product strategy
Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading for non-deliverable forwards after controversial footnote in Sef rules makes trading on Sefs an unattractive option for users
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
FX Week USA: Speed bumps not the way forward for platforms
The use of randomisation to effectively insert a speed bump into incoming orders on platforms is dismissed by panellists at New York conference
Traditional reserve currencies on the decline, says Pimco
Pimco's chief operating officer is bearish on major currencies, expressing the fund's preference for emerging markets, particularly the ruble and renminbi
CFTC cross-border rules slammed as ‘rushed’
The CFTC appears to have made some concessions in its cross-border rules, but critics question how substituted compliance will work, and claim the overall framework has been rushed
CFTC-EC cross-border agreement causes concern
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime, and regulators have still not fully aligned on treatment of FX swaps
Sefs worry MAT rules will create ‘race to the bottom’
Tradeweb and other would-be Sefs say they have been given too much power to decide which swaps are mandated to trade on platforms
Volcker: Regulatory split creates ‘indecision and stalemate’
Division of financial supervision among US agencies is impeding Dodd-Frank reforms, says ex-Fed chairman
CFTC misusing Dodd-Frank to expand its role, says CME's Duffy
CME chief accuses regulator of overreaching, as line-up of industry figures attacks Dodd-Frank rules
Standardised OTC swaps spice up futurisation fight
March saw the launch of a template for a new standardised interest rate swap product – an attempt to protect swap market liquidity from the threat of futurisation. The first product based on the template could be launched within weeks, but even some…
CFTC investigates breaches of 60-second clearing rule
Commissioner O'Malia says agency has requested data from FCMs – Risk reported last month that some firms had broken rule 1.74
Standardised OTC swaps to launch within weeks
Isda-Sifma working group discussions continue but trueEX prepares to list OTC swaps with standard coupons and IMM dates
Bloomberg may set up futures exchange
Trading venue looks to hedge its bets if it fails to close the margin gap between OTC swaps and futures
CFTC's Gensler defends swaps vs futures margin disparity
Forthcoming Sef rules will not address margin concerns raised by Bloomberg
DTCC threatens lawsuit over CME SDR plan
The Depository Trust & Clearing Corporation could take legal action to stop a proposed rule that would force CME clearing customers to report to its own SDR
CFTC should allow voice trading for Sefs, says Chilton
CFTC commissioner also hints that 15-second rule will be amended - and says final cross-border rules will include a new definition of ‘US person’
FX clearing clock ‘ticking’ following CFTC-SEC swap ruling
Speakers at FX Week USA expect this week's agreement on swap definitions by the CFTC and SEC will drive a rush to comply with FX clearing mandates