Monday, July 16, 2012

CFTC Finalizes Swaps "End-User" Exemption

Author: David Schwartz
On July 11, the CFTC approved its much awaited final rule implementing the end-user exception from mandatory clearing of swaps. The new ruleslay out parameters of the end-user exception by (1) defining the term “hedging or mitigating commercial risk” and (2) establishing certain reporting requirements for end-users electing to make use of the end-user exception.  In addition, these new rules finalize the definition of "swaps" and trigger compliance requirements under several major CFTC swap market regulations.
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Monday, July 2, 2012

Is the Evidence There to Revamp Reporting under 13(d)?

Author: David Schwartz
Lucian Bebchuk, Professor of Law, Economics, and Finance at Harvard Law School and Robert J. Jackson, Jr., Associate Professor of Law at Columbia Law School have published a paper urging caution and concluding that the SEC should not proceed with a proposed tightening of blockholder reporting requirements.  While not opposing some re-examination of the blockholder reporting regulatory regime, Bebchuk and Jackson explain that changes should be examined in the larger context of the beneficial role that outside blockholders play in American corporate governance and the broad set of rules that apply to such blockholders.
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Saturday, October 29, 2011

Model-Sensitive Disclosures Under Consideration

Author: David Schwartz
In a forthcoming article, Robert P Bartlett III, Assistant Professor of Law at the University of California, Berkeley, proposes an intriguing model-sensitive disclosure regime he hopes will enhance accurate pricing of a bank's exposure to credit risk while at the same time safeguarding the confidentiality of a bank’s proprietary investment strategies and customer information.  
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Friday, September 23, 2011

Bank of England Examines Market Developments in Securities Lending

Author: David Schwartz
In their Quarterly Bulletin (Q3 2011), the Bank of England (BOE) updates us on the latest market-driven and regulatory developments in securities lending, and lays out the lessons learned from the financial crisis about the risk of contagion arising from the interconnectedness between participants created by securities lending transactions, and the dangerous opacity of risks incurred across all participants.
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Thursday, September 15, 2011

European Central Bank Introduces New Data Sets

Author: David Schwartz

Market events over the past several years have made it quite clear that meaningful and transparent financial data are vital to effective monitoring of market participants as well as understanding the scale of the shadow banking activities and their interconnectedness with the traditional banking system. In a June address in Frankfort, Jürgen Stark, a member of the Executive Board of the European Central Bank (ECB), announced new statistical data sets intended to improve the existing balance sheet and interest rate reporting by "monetary financial institutions." The ECB has introduced these new data sets as part of their effort develop relevant and real-time policies to assess systematic risks and keep apace of innovations and movements in the financial landscape.

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Number of views (5815)
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