Bank groups are objecting to a US Commodity Futures Trading Commission proposal for how to calculate the amount of traders’ derivatives business in determining whether they must register as swap dealers.
At the same time, the groups are at odds with each other over who should decide the methods for calculating the notional amount of these firms’ swaps under the CFTC plan to keep the $8 billion 'de minimis' registration threshold.
The CFTC’s proposal calls for delegation of these calculations to its swap dealer and intermediary oversight unit, headed by staffer Matthew Kulkin.
Bank groups at odds with CFTC, each other over calculation of traders' derivatives business
16 August 2018 7:32am