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MessagePosté le: Sam 13 Oct 2018 - 09:18    Sujet du message: Mike Tolbert Jersey Répondre en citant

What it means for firms
Firms defined as swap dealers will ultimately be subject to the highest level of capital and collateral requirements in the market.
The $8 billion threshold will fall to $3 billion within 5 years unless initial reported data persuades regulators otherwise. This will further designate more firms as “swap dealer” though it is much higher than the initial proposed level of $100 million.
Despite this Chad Kelly Jersey , Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler said that he was “confident the rule would impose new requirements on the dominant players in the swap market”. The CFTC did not provide details on how many firms would be subject to the heightened oversight.
The rule will take effect 60 days after it is published in the Federal Register.
With a clearer picture on their market participant designation and the requirements beholden on them as a result, firms must prepare now for the implementation of the provisions of Title VII of the Dodd-Frank Act.
Interpretive guidance on the definition of swap dealer
The Adopting Release provides interpretive guidance on the “holding out” and “commonly known” criteria, market making, the not part of “a regular business” exception Brendan Langley Jersey , and the overall interpretive approach to the definition. The guidance clarifies the following:
• The determination of whether a person is a swap dealer should consider all relevant facts and circumstances, and focus on the activities of a person that are usual and normal in the person’s course of business and identifiable as a swap dealing business; making a market in swaps is appropriately described as routinely standing ready to enter into swaps at the request or demand of a counterparty
• A person making a one-way market in swaps may be a market maker, and exchange executed swaps are relevant in the determination
• Examples of activities that are part of “a regular business,” and therefore indicative of swap dealing Carlos Henderson Jersey , are entering into swaps to satisfy the business or risk management needs of the counterparty, maintaining a separate profit and loss statement for swap activity, or allocating staff and resources to dealer-type activities; and
• The SEC’s dealer-trader distinction may be applied.
De Minimis exemption from the definition of swap dealer
The Dodd-Frank Act provides an exemption for a person who “engages in a de minimis quantity of swap dealing in connection with transactions with or on behalf of its customers.”
The rule requires that, in order for a person to be exempt from the definition on the basis of de minimis activity:
• The aggregate gross notional amount of the swaps that the person enters into over the prior 12 months in connection with dealing activities must not exceed $3 billion.
• Also Demarcus Walker Jersey , the aggregate gross notional amount of such swaps with “special entities” (as defined under CEA Section 4s(h)(2)(C) to include certain governmental and other entities) over the prior 12 months must not exceed $25 million.
The rule also provides for a phase-in of the de minimis threshold to facilitate orderly implementation of swap dealer requirements. During the phase-in period, the de minimis threshold would effectively be $8 billion (while the $25 million threshold for swaps with special entities would apply unchanged). Two and one-half years after data starts to be reported to swap data repositories, the Commission’s staff will prepare a study of the swap markets, including data and information that becomes available about the de minimis threshold. Nine months after this study Garett Bolles Jersey , the Commission may end the phase-in period, or propose new rules to change the de minimis threshold (either up or down). If the Commission does not take action to end the phase-in period, it will terminate automatically five years after data starts to be reported to swap data repositories.
The regulators also defined the term “Major Swap Participant” (see below) which will affect firms holding large positions in certain categories of asset classes. One of the guidelines on what constitutes a“substantial position” would be daily uncollateralised exposure of $1 billion in any major asset class excluding rate swaps where the de minimis level is $3 billion.
A scene from Dangerous Liaisons starring Zhang Ziyi (left) and Jang Dong-gun A poster for Mr Go starring Xu Jiao (right)
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Korean experience


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