There has been a flurry of activity at the Commodity Futures Trading Commission (“CFTC”) in recent weeks. As we reported previously, the CFTC approved three final rules, including the much-anticipated position limits rule, at its October 15 open meeting, and announced significant organizational changes to its operating divisions on November 3. This post highlights additional significant actions by the CFTC in October and November and previews what is next for the CFTC under a Biden Administration.
Continue Reading CFTC News Roundup for October and November and a Look Ahead
Derivatives
Is the heat on in the syndicated loans market? Spanish Competition Authority fines banks for price fixing on interest rate derivatives
By Johan Ysewyn on
Posted in Competition Law, Derivatives
On 13 February 2018, the Spanish Markets and Competition Commission (“CNMC”) fined four major Spanish banks €91 million for colluding to fix the price of interest-rate derivatives (“IRDs”) attached to syndicated loans above market price. The decision is an additional indication that syndicated loans are increasingly coming under the scrutiny of competition authorities, after the European Commission last year commissioned a study on competition issues in this market that will be completed by the end of the year 2018.
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Continue Reading Is the heat on in the syndicated loans market? Spanish Competition Authority fines banks for price fixing on interest rate derivatives
House Committee Agrees on JOBS Act 3.0
By Randy Benjenk on
Posted in Legislation
On July 16, 2018, Republican and Democratic leadership of the House Financial Services Committee announced that they have reached agreement to advance a package of financial services reforms known as the “JOBS Act 3.0,” consisting of 32 pieces of legislation that have passed the Committee or the full House with bipartisan support.
While much of the package is focused on capital markets regulation, several of the component bills relate to prudential or consumer financial services matters.…
CFTC Issues Advisory Regarding Virtual Currency Derivatives
By Lily Katharine Hines on
Posted in Fintech, Regulatory Compliance
Earlier this week, the CFTC published a staff advisory regarding virtual currency derivative product listings. The guidance sets forth five areas of focus for exchanges and clearinghouses in listing a new virtual currency derivatives contract pursuant to Commission Regulation 40.2 or 40.3, including: (1) enhanced market surveillance, (2) coordination with CFTC staff, (3) large trader…