IDX Expo: CFTC Says Detail Needed On Substituted Compliance

Important questions must be addressed before the U.S. can finalize substituted compliance, according to Commissioner Mark Wetjen of the Commodity Futures Trading Commission.

  • 25 Jun 2013
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Important questions must be addressed before the U.S. can finalize substituted compliance, according to Commissioner Mark Wetjen of the Commodity Futures Trading Commission.

Speaking at the Futures Industry Association's International Derivatives Expo in London today, Wetjen said, “There remain important and unresolved questions around the scope and granularity of the CFTC’s substituted compliance approach, particularly as it relates to transactional requirements such as clearing, reporting and execution.”

Wetjen noted that the CFTC supported substituted compliance with regulations that are recognized by Dodd Frank. He warned, however, that applying U.S. law in every case where a single U.S. entity was involved could result in fragmented liquidity and increased risk, he said.

“This could lead to increased operational costs and risk, as entities structure around rules in primary swap markets,” Wetjen said. “Regulators both here and abroad must do what they can to avoid incentivizing complex corporate structures that will only make global financial firms more difficult to understand, manage and unwind during periods of market distress.”

  • 25 Jun 2013

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 313,852.39 1175 8.95%
2 JPMorgan 286,674.13 1305 8.17%
3 Bank of America Merrill Lynch 281,869.72 974 8.04%
4 Goldman Sachs 214,547.99 704 6.12%
5 Barclays 205,147.76 790 5.85%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 31,971.88 102 6.87%
2 HSBC 31,940.18 140 6.87%
3 Bank of America Merrill Lynch 29,065.55 82 6.25%
4 BNP Paribas 24,679.63 135 5.30%
5 SG Corporate & Investment Banking 22,195.55 122 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,960.44 66 7.87%
2 Morgan Stanley 13,992.90 72 7.37%
3 Citi 13,566.56 83 7.14%
4 UBS 13,028.25 52 6.86%
5 Goldman Sachs 11,994.74 65 6.31%