Download PDF Craig Stein & Paul N. Watterson, Jr.* One of the fundamental changes that the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”)[1] made in the financial markets has been to force most over-the-counter swap transactions onto … [Read more...] about New Margin Requirements for Uncleared Swaps
Swaps
The Status of Environmental Commodities Under the Commodity Exchange Act
Download PDF Matthew F. Kluchenek* This article examines the role of the Commodity Futures Trading Commission (“CFTC”) in regulating transactions in environmental commodities, such as renewable energy certificates (“RECs”), emissions allowances, carbon offsets and carbon … [Read more...] about The Status of Environmental Commodities Under the Commodity Exchange Act
The CFTC’s Cross-Border Guidance for Swaps and Substituted Compliance Regime
Download PDF James Schwartz* The derivatives market was seen as having contributed substantially to the financial crisis of 2007–08.[1] This led to efforts to regulate derivatives in many of the countries in which their use was commonplace.[2] Historically, the swaps market … [Read more...] about The CFTC’s Cross-Border Guidance for Swaps and Substituted Compliance Regime
Clearinghouse Hope or Hype? Why Mandatory Clearing May Fail to Contain Systemic Risk
Download PDF Sean J. Griffith* Introduction The global financial crisis of 2007–2008 revealed faults in the ability of regulators worldwide to contain systemic risk. Blaming much of the crisis on derivatives, complex financial contracts that allow counterparties to trade … [Read more...] about Clearinghouse Hope or Hype? Why Mandatory Clearing May Fail to Contain Systemic Risk
Margin Costs of OTC Swap Clearing Rules
Download PDF Paul Watterson, Joseph Suh, and Craig Stein* Regulators of several countries, including the United States Commodity Futures Trading Commission (CFTC), have introduced or proposed rules requiring clearing of over-the-counter (OTC) derivatives through central … [Read more...] about Margin Costs of OTC Swap Clearing Rules