OTC Derivatives Regulation Under Dodd-Frank provides a comprehensive summary of the new swap regulatory regime under Title VII of the Dodd-Frank Act to assist industry professionals and their counsel in beginning to understand the substance of these new requirements and their practical implications.
The Dodd-Frank Act, enacted into law in July 2010, includes a comprehensive overhaul of the OTC derivatives regulatory regime. This book explains how the swaps markets are in the process of rapidly changing from bilateral, unregulated OTC markets to ones in which:
- Key market participants are required to register as swap dealers and major swap participants
- Transactions must be reported and trade data publicly disseminated
- Standardized swaps must be electronically executed and cleared
- Counterparties are subject to complex business conduct, documentation, margin, and many other requirements
The implementation of this new regime has proceeded at a breakneck pace which, as of the date of this book, includes more than 60 rules totaling more than 2,800 pages of the Federal Register and hundreds of related no-action letters, FAQs, and other regulatory releases. This book simplifies the task of beginning to comply with the rules by summarizing the current state of the law and key implementation issues of the following broad topics:
Products and registrants under Title VII
Swap data reporting and dissemination
Large trader reporting
Business conduct and pay-to-play regulations
Swap relationship documentation
Recordkeeping
Mandatory clearing
Position limits
Registration and regulation of market participants, Including swap dealers, MSPs, FCMs, CPOs, CTAs, introducing brokers, SEFs, and DCOs
Extraterritorial application of swaps regulations
This second edition includes updates to all existing chapters, as well as five new chapters covering position limits, derivatives end users, futures commission merchants, introducing brokers, and derivatives clearing organizations.
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