Wall Street regulator adopts new rules for swap trading facilities
© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo
- The U.S. Securities and Exchange Commission on Thursday adopted new rules governing security-based swap trading platforms, implementing a law adopted by Congress after the global financial crisis of 2007-2009. The new rules will also be harmonized with those currently used by the U.S. Commodity Futures Trading Commission, an independent agency which regulates derivatives trading.The new rules highlight how regulators, more than a decade after Congress adopted the landmark Dodd-Frank Wall Street reform legislation, are still trying to reform the swaps market that helped bring down Lehman Brothers and other banks.
*Since the financial crisis, regulators have been trying to force such products, which globally have trillions of dollars of notional value, onto more transparent platforms to reduce risk."Aligning the SEC's regime closely with the CFTC's garners many of the same benefits – bringing together buyers and sellers with transparent, pre-trade pricing. That lowers risk in the marketplace and protects investors," SEC Chair Gary Gensler said in a statement.
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