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Re-Examining the CFTC’s Regulation of Cross-Border Swaps Clearing and Trading Activities  


Author:  Colin Lloyd.; Christian Artmann.


Source: Volume 31, Number 03, Spring 2018 , pp.35-45(11)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

In this article, the authors discuss the CFTC’s application of Title VII’s swaps clearing and trading mandates to cross-border and extraterritorial trading activities, comparing them to corollary provisions of EU regulation. They then turn to registration requirements for foreign DCOs, FCMs, IBs, and SEFs. Finally, they analyze how the present framework could contribute to market fragmentation and close with some thoughts on possible new directions for that framework advocated by leading market associations. *This article available for download for journal subscribers only; no pay-per-article option is available.

Keywords: derivatives clearing organization (DCO), designated contract marker (DCF), swap execution facility (SEF), futures commission merchant (FCM), introducing broker (IB), registration requirements

Affiliations:  1: Cleary Gottlieb Steen & Hamilton LLP; 2: Deutsche Bank AG.

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