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Alternative Market Briefing

Industry, regulators spar over swaps

Monday, May 05, 2014

Bailey McCann, Opalesque New York:

The Commodities Futures Trading Commission (CFTC) released new rules on Thursday aimed at regulating more of the swaps business. The rule is the latest in a complex and often confusing wave of regulation focused on swaps trades, separately both the industry and the regulators have pushed legal probes into how each side is handling the regulation.

In April, the SEC voted on a proposed rule that would impact record keeping for security-based swap dealers and major security-based swap market participants. The proposed rule would also establish additional recordkeeping requirements for broker-dealers to account for their security-based swap activities. That move highlights one of the problems with swaps rules, both the CFTC and the SEC are regulating these issues making things more complex and in some cases conflicting.

"The SEC’s proposed rules will require security-based swaps dealers to record and archive all communications related to swaps transactions including emails, instant messages and recordings of phone calls. Further, the SEC is proposing a requirement that all recorded and archived phone calls be preserved and accessible for three years. Compliance with these regulations will require swaps dealers to institute data and voice capture procedures across their trading desks that can record and analyze all of the communications related to swaps transactions in real-time. Swaps dealers should take advantage of the time betwee......................

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