Category: Swap Dealers

A Swap Dealer, as defined by the Commodity Futures Trading Commission (CFTC), refers to an entity that primarily engages in the business of buying and selling swaps, or is otherwise designated by the CFTC as a Swap Dealer based on its activities. Swap Dealers play a crucial role in the derivatives market by facilitating the trading of swaps, which are financial contracts that allow parties to exchange cash flows based on the performance of underlying assets, indices, or reference rates. The CFTC regulates Swap Dealers to promote market transparency, reduce systemic risk, and protect market participants. Swap Dealers are subject to specific regulatory requirements, including registration, reporting, recordkeeping, and business conduct standards, aimed at ensuring the integrity and stability of the derivatives markets they operate within.

CFTC-PR-8951-24

Bank of New York Mellon Categories CFTC CFTC-24 CFTC-2408 Companies in the News Federal News Sources Supervision Swap Dealers Swap Reporting Failures

CFTC-PR-8951-24 (Aug. 26, 2024)

CFTC Orders The Bank of New York Mellon to Pay $5 Million for Swap Reporting and Supervision Failures and Violation of a Prior CFTC Order

Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with The Bank of New York Mellon (BNYM) for repeatedly failing to correctly report millions of swap transactions to a registered swap data repository, in violation of a prior CFTC order against BNYM, and for failing to properly supervise its swap dealer business as required by the Commodity Exchange Act (CEA) and CFTC regulations.

CFPB News Release - CFTC-PR-8951-24

PR-8951-24

Date: Aug. 26, 2024

Accessed: Aug. 27, 2024

Source URL: https://www.cftc.gov/PressRoom/PressReleases/8951-24

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CFTC-PR-8951-24

CFTC-PR-8945-24

Categories CFTC CFTC-24 CFTC-2408 Companies in the News Federal News Sources Recordkeeping Failures Supervision Swap Dealers Truist Bank Unapproved Communications

CFTC-PR-8945-24 (Aug. 14, 2024)

CFTC Orders Truist Bank to Pay $3 Million Penalty and Remediate Recordkeeping and Supervision Failures Relating to Widespread Use of Unapproved Communications Methods. Truist Receives Substantially Reduced Penalty for Self-Reporting to the Division of Enforcement

Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against North Carolina swap dealer Truist Bank.

CFTC News Release - CFTC-PR-8945-24

PR-8945-24

Date Accessed: Aug. 18, 2024

Source URL: https://www.cftc.gov/PressRoom/PressReleases/8945-24

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CFTC-PR-8945-24

CFTC-PR-8944-24

Categories CFTC CFTC-24 CFTC-2408 Companies in the News Electronic Communications Supervision Swap Dealers Toronto Dominion Bank

CFTC-PR-8944-24 (Aug. 14, 2024)

CFTC Orders TD Bank to Pay $4 Million for Supervision Failures Impacting its Electronic Communications Surveillance System

Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against The Toronto Dominion Bank (TD Bank), a registered swap dealer, for failing to diligently supervise activities related to its business as a CFTC registrant, specifically, its electronic communications surveillance system.

CFTC News Release - CFTC-PR-8944-24

PR-8944-24

Date: Aug.14, 2024

Date Accessed: Aug. 19, 2024

Source URL: https://www.cftc.gov/PressRoom/PressReleases/8944-24

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CFTC-PR-8944-24

CFTC-PR-8925-24

Categories Swap Dealers

CFTC PUBLIC DOCUMENT - CFTC-PR-8925-24

File ID:  CFTC-PR-8925-24

Date:  June 25, 2024

Accessed:  June 25, 2024

Headline:  Commodity Futures Trading Commission Approves Final Capital Comparability Determinations for Certain Non-U.S. Nonbank Swap Dealers.

Source: https://www.cftc.gov/PressRoom/PressReleases/8925-24

Categories:

  • AGENCY RULES-CHANGES
  • CFTC RULES-CHANGES
  • SWAP DEALERS

CFTC-PR-8925-24 – Viewer: ▼▼▼ (Download PDF File ⊗)

CFTC-PR-8925-24

CFTC-PR-8914-24

Categories Futures Commission Merchants Supervision Swap Dealers

CFTC PUBLIC DOCUMENT - CFTC-PR-8914-24File ID: CFTC-PR-8914-24

Date: May 23, 2024

Accessed: June 21, 2024

Headline:  CFTC Orders J.P. Morgan to Pay $200 Million for Supervision Failures. CFTC Finds J.P. Morgan Failed to Surveil Billions of Client Orders on a U.S. Designated Contract Market.

Source: https://www.cftc.gov/PressRoom/PressReleases/8914-24

Categories:

  • FUTURE COMMISSION MERCHANT (FCM)
  • SWAP DEALER
  • SUPERVISION FAILURES

CFTC-PR-8914-24 – Viewer: ▼▼▼ (Download PDF File ⊗)

CFTC-PR-8914-24

CFTC-PR-8901-24

Categories Swap Dealers
CFTC NEWS - CFTC-PR-8901-24CFTC-PR-8901-24 (APR. 30, 2024)
PRESS RELEASE | CFTC-PR-8901-24

CFTC Approves Final Rule Amending the Capital and Financial Reporting Requirements of Swap Dealers and Major Swap Participants

Washington, D.C. — The Commodity Futures Trading Commission today announced it has approved a final rule that amends the capital and financial reporting requirements of Swap Dealers (SDs) and Major Swap Participants (MSPs).

The amendments make changes consistent with CFTC Staff Letter No. 21-15 ⊗ regarding the tangible net worth capital approach for calculating capital under CFTC Regulation 23.101, as well as CFTC Staff Letter No. 21-18 ⊗ as further extended by CFTC Staff Letter No. 23-11 ⊗, regarding the alternate financial reporting requirements for SDs subject to the capital requirements of a prudential regulator. The amendments also revise certain Part 23 regulations regarding the financial reporting requirements of SDs, including the required timing of certain notifications, the process for approval of subordinated debt for capital, and the information requested on financial reporting forms to conform to the rules. The amendments are intended to make it easier for SDs and MSPs to comply with the CFTC’s financial reporting obligations and demonstrate compliance with minimum capital requirements.

The effective date of the final rule is 30 days from the date of publication in the Federal Register. To allow for sufficient time to effectuate the reporting and notification amendments, the final rule has a compliance date of September 30, 2024, and will apply to all financial reports with an “as of” reporting date of September 30, 2024, or later.

For more information on the final rule, see the Fact Sheet ⊗.

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CFTC-PR-8886-24

Supervision Swap Dealers

CFTC-PR-8886-24

Commodity Futures Trading Commission Orders Australian Swap Dealer to Pay $500,000 for Supervision Failures

CFTC News Release - CFTC-PR-8886-24

CFTC-PR-8886-24

Date: Apr. 2, 2024

Date Accessed: Aug. 1, 2024

Source URL:  https://www.cftc.gov/PressRoom/PressReleases/8886-24

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CFTC-PR-8886-24

CFTC-PR-8880-24

Introducing Brokers Recordkeeping Failures Supervision Swap Dealers Unapproved Communications

CFTC-PR-8880-24

CFTC Orders U.S. Bank to Pay $6 Million and Oppenheimer to Pay $1 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods

CFTC News Release - CFTC-PR-8880-24

PR-8880-24

Date: Mar. 19, 2024

Date Accessed: Aug. 1, 2024

Source URL:  https://www.cftc.gov/PressRoom/PressReleases/8880-24

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CFTC-PR-8880-24

CFTC-PR-8869-24

Categories Swap Dealers

CFTC-PR-8869-24 (Feb. 22, 2024)

CFTC News Release - CFTC-PR-8869-24

CFTC-PR-8869-24

CFTC Staff Issues No-Action Letter Regarding Pre-Trade Mid-Market Mark for Certain Interest Rate Swaps Referencing SOFR

Washington, D.C. — The Commodity Futures Trading Commission’s Market Participants Division (MPD) today issued a no-action letter in relation to the requirement in Regulation 23.431 that swap dealers and major swap participants (swap entities) disclose to certain counterparties the Pre-Trade Mid-Market Mark (PTMMM) of a swap.

The no-action position issued today states that MPD will not recommend the Commission take an enforcement action against a registered swap entity for its failure to disclose the PTMMM to a counterparty in certain interest rate swaps referencing the Secured Overnight Financing Rate (SOFR) that are identified in the no-action letter, provided that: (1) real-time tradeable bid and offer prices for the swap are available electronically, in the marketplace, to the counterparty; and (2) the counterparty to the swap agrees in advance, in writing, that the registered swap entity need not disclose a PTMMM for the swap.

Date: Feb. 22, 2024

Date Accessed: Aug. 1, 2024

Source URL: https://www.cftc.gov/PressRoom/PressReleases/8869-24

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CFTC-PR-8869-24

CFTC-PR-8867-24

Agency Rules Categories CFTC CFTC-24 Federal News Sources Swap Dealers

CFTC-PR-8867-24 (Feb. 20, 2024)

CFTC Extends Comment Period for Proposed Rule on Operational Resilience Framework

Washington, D.C. — The Commodity Futures Trading Commission today announced it is extending the public comment period for a proposed rule requiring an Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants. The deadline is extended to April 1, 2024.

CFTC News Release - CFTC-PR-8867-24

PR-8867-24

Date: Feb. 20, 2024

Accessed: Aug. 1, 2024

Source URL: https://www.cftc.gov/PressRoom/PressReleases/8867-24

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CFTC-PR-8867-24