| The Commodity Futures Trading Commission (CFTC) today approved final rules to improve the risk management procedures of swap dealers and major swap participants. As Opalesque has previously reported, once the rules go into effect, they will trigger additional provisions already outlined through the Dodd-Frank Act.
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Commission to adopt rules on the timely and accurate confirmation, processing, netting, documentation, and valuation of all swaps, as well as the reconciliation and compression of swap portfolios. These rules fulfill this congressional direction. Many of these final rules establish the product definitions that will set the scope for how swaps markets activities and swaps dealers will be supervised through both the CFTC and the Securities and Exchange Commission (SEC)...............................................Full Article: Source |