Market Regulation

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Our public memorandum here describes the notice of proposed rulemaking published by the CFTC on June 12, 2018 that would make permanent the $8 billion temporary swap dealer de minimis registration threshold currently in effect and would make other changes to the de minimis exception.

View as a PDF… Read More

As we head into the July 4th holiday and the heart of summer approaches, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; … Read More

Financial services regulatory reform in 2018 continues to evolve.  For those of you who have been thinking you might catch up over the summer lull, here is the summer beach read edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, … Read More

As mid-year 2018 approaches, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations and resignations and expiring terms.  The first slide summaries the state of play for the principals, and the later slides provide a deeper dive on an agency-by-agency … Read More

CFTC Chairman J. Christopher Giancarlo and CFTC Chief Economist Bruce Tuckman released a White Paper on April 26, 2018 that reflects the authors’ personal views on the need for swaps regulatory reforms in the United States in five key areas:

  1. swap execution on swap execution facilities (“SEFs”);
  2. trade
… Read More

Market participants are undertaking significant work to prepare for a transition away from LIBOR. This publication focuses on the legal framework and other issues related to fallback language. To give a more tangible sense of what may be at stake and the efforts required to transition, it provides in-depth analyses … Read More

A Cryptocurrency and DLT Newsletter – April 5, 2018

Authored by Jai R. Massari, Christophe Perchet, Byron B. Rooney, Daniel Arroche, Trevor I. Kiviat, Daniela Dekhtyar-McCarthy and Andrew Ruben

Market Developments

Web Platforms Continue to Ban ICO-Related Advertisements

The SEC increasingly is focusing its enforcement authority not only on companies … Read More

In the first major trading and markets initiative under SEC Chairman Jay Clayton, on March 14, 2018, the SEC proposed to establish a transaction fee pilot program to study the effects of maker-taker fee structures. A pilot study was initially recommended by the SEC’s Equity Market Structure Advisory Committee in … Read More

For the first time, the CFTC has fined a company for poor cybersecurity practices that resulted in a third-party breach of the company’s information systems.  This development is consistent with an increasing trend of regulators holding companies responsible for the cybersecurity failures of third-party service providers.

AMP Global Clearing LLC … Read More