Stop/start for Dodd-Frank’s swaps rules

The Dodd-Frank Act, nearly three years old this summer, continues its slow, inexorable pace of implementation. In some respects, the financial landscape has changed unequivocally; in others, the final results of change remain to be seen, as the industry awaits additional rulemaking. Most of the current regulatory milestones impact only participants in the OTC swaps markets, but the exchange-traded derivatives world is changing alongside, and there are some challenging times ahead for all market participants.

While swap dealers quietly met the March 11 deadline for clearing interest rate swaps and index credit default swaps, there has been a lot of noise recently about the fact that (in spite of the June 10 deadline) so many buy-side firms have yet to begin the process of migrating to clearing. To make already complex matters worse, the CFTC has indicated that the rules surrounding SEFs (swap execution facilities) are unlikely to be finalized until May.

But, for now at least, the buy-side can breathe a sigh of relief that some of the swap reporting requirements have been deferred. At the FIA New York Expo earlier this month one buy-side panellist literally did just that!

With so much going on (or not), we thought a quick update might be in order…

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