Thursday, July 2nd, 2015 by GEORGE BOLLENBACHER Let me begin by saying that I believe the all-important swaps reporting requirement has been badly mishandled by the regulators worldwide, missing a golden opportunity to shed some light on this otherwise opaque market. In the US, one of the nagging problems has been that the SEC hadn’t put out its reporting rules, so there was no required reporting on one of the… Read More »
Thursday, July 2nd, 2015 by GEORGE BOLLENBACHER For any investment firm operating a single‐dealer bond or swap ECN in Europe, MiFID II raises a life‐altering decision: whether to become an organized trading facility or a systematic internalizer. Here are some of the criteria firms must consider in making the OTF‐SI decision. For any investment firm operating a single-dealer bond or swap ECN in Europe, MiFID II raises a life-altering decision:… Read More »
Wednesday, May 13th, 2015 by GEORGE BOLLENBACHER As I have said in past articles, and since every swaps market participant and every swaps market regulator recognizes that transaction reporting has been something of a disaster, we are all waiting to see what the regulators will do about it. Recently, two swaps regulators went in somewhat different directions on this subject. The CFTC First, the CFTC issued two no-action letters (“NALs”)… Read More »
Thursday, April 30th, 2015 by GEORGE BOLLENBACHER The recent publication by the Volcker Alliance of a series of papers on reforming the financial regulatory structure makes interesting reading. You may or may not agree with their conclusions, but I, for one, can’t help but think that there are some important questions about structural reform lurking just under the surface, that were either not asked or were subsumed in these papers.… Read More »
Friday, March 20th, 2015 by GEORGE BOLLENBACHER In my last article I reviewed the SEC’s final and proposed rules on transaction reporting by market participants. In this article I will look at the final rule on SDRs, and make some observations on the effectiveness of current and future reporting regimes. The SEC’s final SDR rule is entitled “Security-Based Swap Data Repository Registration, Duties, and Core Principles” and runs some 468… Read More »
Regulatory mandates increasingly are impacting banks’ bottom lines. But regulations such as the Volcker Rule are so complex that capital markets firms simply can’t keep up, notes George Bollenbacher, partner, Capital Markets Advisors. . Click here to check out the interview.
CMA is proud to announce the opening of their second office located in the Times Square district at 1410 Broadway on the 23rd floor; with the cross streets of Broadway and 39th Street. While our corporate office and first location at 233 East 86th Street remains in place, this additional location allows CMA an even larger presence in NYC as well as fosters increased client interaction on a regular basis. … Read More »
Tuesday, March 4th, 2015 by GEORGE BOLLENBACHER With all the discussion about Dodd-Frank, Volcker Rule, Basel III and EMIR, it’s easy to forget the last piece of the puzzle, Europe’s Markets in Financial Instruments Directive 2, Europe’s Markets in Financial Instruments Regulation, and Regulatory Technical Standards, hereafter known as MiFID II, MIFIR and the attendant RTSs. ESMA has been hard at work drafting all of these, and on February 19th… Read More »
CMA Announces Volcker Rule Custom One Day In-House Seminars As its final effective date gets closer, it’s imperative that all members of your firm that are touched by the Volcker Rule, understand the implications of adherence as well as the various ways in which the day-to-day process is effected. Compliance to the Volcker Rule will impact trading, compliance, operations, middle office, regulatory, on-boarding, and surveillance staff at Banks, market-making, and… Read More »
Wednesday, February 19th, 2015 by GEORGE BOLLENBACHER In my last article I reviewed the SEC’s final and proposed rules on transaction reporting by market participants. In this article I will look at the final rule on SDRs, and make some observations on the effectiveness of current and future reporting regimes. The SEC’s final SDR rule is entitled “Security-Based Swap Data Repository Registration, Duties, and Core Principles” and runs some 468… Read More »
The transition from LIBOR to the Fed-published Secured Overnight Financing Rate (SOFR) or possible alternatives is motivated in large part by the mandated cessation of… Read More »
Building on the success of our first FRTB roundtable discussion held on December 9, 2020, we are offering a very select group of bank dealers… Read More »
FRTB will be far more challenging than traditional risk capital regulations due to the lack of regulatory clarity over the boundaries between banking and trading… Read More »
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