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Derivatives Clearing in Europe Takes Shape (FTSE Global Markets) Senate Democrats Plan June Confirmation Vote for 3 CFTC Nominees (Bloomberg)

CFTC enforcement has been extremely focused on segregated accounts and secured funds issues … and not just those that involve fraud. There have now been 11 actions related to segregated accounts issues over the past two years that involve back-office operational or clerical errors.

Over the last five years, fixed income and derivatives markets have become a lot like the weather in New England. If you don’t like them right now, wait a minute… They’ll change.

CFTC Weekly Swaps Report: Over $202 Trillion in Interest Rate Swaps Volume Cleared Through January 17

The voice provision in the final SEF rules, along with the decision to reduce the request-for-quote requirement, has facilitated the emergence of a business model that can replicate today’s existing workflow for large swaps trades.

With the shift in the corporate bond market from voice to electronic trading, and from capital facilitation by dealers to agency facilitation, will the largest institutional investors commit their own capital to replace that which has been withdrawn by dealers?

The usual legal industry of lobbying, commenting, advising, etc. that the CFTC and SEC have created aside, it sure does seem like the CFTC is driving a fair amount of business for litigators these days:

Emerging market concerns – particularly the escalation of the Ukraine crisis - continued to make headlines in February. Data from the Bank for International Settlements shows that European banks had loaned $3.4 trillion to developing countries as at end of September 2013.

The U.S. economy contracted in the first quarter of the year, with GDP shrinking at a seasonally adjusted rate of 1%, according to the Commerce Department.

Global trading activity has continued to remain robust in 2018, with trading volumes on Tradeweb setting a new record in June at USD590bn ADV, a 45% increase from June 2017.