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Derivatives, Stock Data

Oct 24, 2018

CFTC Chair Authors White Paper on Cross-Border Swaps Regulation Reform

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On October 1, 2018 Commodity Futures Trading Commission (CFTC) Chair J. Christopher Giancarlo released a white paper recommending potential reforms to the agency's approach to the extraterritorial, or cross-border, application of its swaps trading rules. The proposed reforms take into account criticism of the CFTC's current approach to the cross-border application of its rules, as well as regulatory developments in other jurisdictions. According to Giancarlo, the reforms are intended to create a territorial, risk-based approach that relies on greater deference to regulators in jurisdictions with comparable regulatory frameworks (comparable jurisdictions), where appropriate. The white paper makes general proposals in several areas, including registration requirements for non-US central counterparties (CCPs), trading venues and swap dealers, clearing and trade execution requirements and transactions between non-US persons that are arranged, negotiated or executed within the United States (ANE transactions).

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Authors and Contributors

Donna Parisi

Partner

Derivatives & Structured Products

+1 212 848 7367

+1 212 848 7367

New York

Geoffrey Goldman

Partner

Derivatives & Structured Products

+1 212 848 4867

+1 212 848 4867

New York

Azam Aziz

Partner

Derivatives & Structured Products

+1 212 848 8154

+1 212 848 8154

New York

Jennifer Oosterbaan

Associate

Derivatives & Structured Products

+1 212 848 7111

+1 212 848 7111

New York