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Alternative Market Briefing

Derivatives rules, FATCA delayed, Glass-Steagall revived

Monday, July 15, 2013

Bailey McCann, Opalesque New York:

There has been a lot of movement on the regulation front in the last week, mostly in terms of delays. The Commodities Futures Trading Commission (CFTC) met Friday to issue guidance on cross border derivatives trading, agreeing to delay imposition of Dodd-Frank rules. Similarly, the IRS has agreed to delay the implementation of FATCA rules for six months.

Derivatives

On Thursday, Opalesque first reported that an exemptive order for the CFTC governing cross border derivatives trading was set to expire on Friday. The regulator had a meeting on Friday to discuss how best to implement Dodd-Frank rules for US firms abroad that engage in derivatives trading. The Commission noted that it had come to an agreement with the Eurozone to harmonize rules across the two continents, and also agreed to delay implementation of those rules.

The EU timeline for its own derivatives rules has been pushed back relative to the US, which is trying to wrap up as much of Dodd-Frank guidance as it can by 2014. On Wednesday the Commission indicated it would continue moving forward even if Eurozone timetables were slower than the US, however, it appears that the US is also interested in slowing things down a bit. Fo......................

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