Doesn’t sound like anyone is particular excited about the bill passed last week in the Senate. Even only half of the Senate (the Democrats) seems to like the final product. My comments in the article: Some industry professionals believe Sen. Blanche Lincoln’s provision requiring banks to spin off their swaps desks will get kicked out […]
Tag: OTC Derivatives
Getting the Hill out of the Street
My thoughts on the Senate’s passage of Financial Reform – originally posted on TabbForum.com The US Senate has passed its version of financial regulatory reform that will include serious changes, some expected, some not, specific to the OTC derivatives market. The passage of this bill will lead to a compromise bill created jointly by the […]
Preparing for OTC Derivatives Regulation – Q&A (DerivAlert.org)
This is based on an interview I did with TradeWeb’s DerivAlert.org site a few weeks back. An excerpt: Q: Will the OTC derivatives provisions in the Senate’s bill be a major sticking point in the floor debate? A: It will. For some time it seemed that things like “too big to fail” and consumer protection would […]
Financial Reform: Half Done; Two-Thirds to Go
Originally posted on TabbForum Last week the Senate finally agreed to allow S.3217, the “Restoring American Financial Stability Act of 2010,” to be debated openly on the floor of the Senate. Since overcoming that procedural hurdle, progress has been relatively swift and the bill is expected to be passed by the Senate before Memorial Day. […]
Political Grandstanding: Wall Street Slams Goldman Sachs Hearings (ABC News)
I don’t have enough information to make an accurate call on the issues between the SEC and Goldman Sachs, but it appears from this ABC News article that my broad thoughts on the issue are pretty common all around lower Manhattan. There needs to be two sides to every trade: Kevin McPartland, senior analyst at […]
OTC Derivatives in the Land of the Rising Sun
Originally posted on TabbForum.com Only the United States and Europe matter – at least that has been the view surrounding OTC derivatives reform. With CFTC Chairman Gary Gensler reiterating in a recent speech that a “significant majority” of OTC derivative trading is happening in the US and Europe, it is easy to see why Americans […]
Impact of Proposed Senate Ag Bill (Video)
Also available on TabbForum.com
Swaps Dealers Prepare Defense as Obama Predicts ‘Big Battle’ (Bloomberg)
The OTC derivative reform debate has clearly moved from one over market structure to one over politics. Whether one is a Republican or Democrat should have nothing to do with determining the best market structure going forward – but I’m not so naive. From the story: “Lincoln’s bill has made the situation much more contentious […]
Your Guide to the Goldman Sachs Lawsuit (US News & World Report)
US News has done a good job of covering the Goldman Sachs/SEC lawsuit. My comments stay away from passing any judgement in either direction: “In some ways, this is Wall Street 101 in that there needs to be somebody on both sides of every deal. So clearly you have a world full of smart financial […]
Hedge Funds Face Higher Capital Requirements Under Senate Bill (Bloomberg)
A tightening up of end user exemptions would have more hedge funds falling under proposed capital requirements and OTC derivative clearing and execution mandates. This language is up for quite a fight in the Senate still, as the definition of “Major Swap Participant” will have major implications for the financial markets post-reform, but it seems […]