Trump signs bill to revise Dodd-Frank | BoE, N.Y. Fed tell industry to prep for Libor shift | US G-SIBs post rise in OTC derivatives notional for Q1
May 25, 2018
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Trump signs bill to revise Dodd-Frank
Trump signs bill to revise Dodd-Frank
Trump (Mandel Ngan/Getty Images)
President Donald Trump has signed the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which revises supervision of banks with less than $250 billion in assets and adjusts other rules in the Dodd-Frank Act.
Reuters (5/24),  Bloomberg (tiered subscription model) (5/24),  The Wall Street Journal (tiered subscription model) (5/24) 
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BoE, N.Y. Fed tell industry to prep for Libor shift
BoE, N.Y. Fed tell industry to prep for Libor shift
Dudley (Rob Kim/Getty Images)
Bankers and regulators must aggressively prepare for the end of the London Interbank Offered Rate in 2021, Bank of England Governor Mark Carney and Federal Reserve Bank of New York President William Dudley say. "Time is of the essence, and we must manage it well," Dudley says.
Bloomberg (tiered subscription model) (5/24),  Reuters (5/24) 
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Industry News and Trends
US G-SIBs post rise in OTC derivatives notional for Q1
Over-the-counter derivatives notional increased 15%, or $28 trillion, in the first quarter at the eight US global systemically important banks, after dropping $23 trillion in Q4.
Risk (subscription required) (5/24) 
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Compression tools have surprise benefit
Buy-side firms using compression tools have found an unintended benefit: Besides reducing risk, the tools let users conduct a custom trade, potentially reducing costs.
Risk (subscription required) (5/24) 
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Regulatory Roundup
Fed likely to retain some power over regional banks
The Federal Reserve is expected to respond to legislation that revises aspects of the Dodd-Frank Act by adjusting requirements for regional banks, while keeping power to supervise them through stress tests. Chairman Jerome Powell says he wants to subject regional banks to "meaningful, strong, regular, periodic stress tests."
MLex (subscription required) (5/24) 
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Banks ask EU for Brexit regulatory clarity
Two banks have asked EU policymakers to clarify whether they can continue to operate from London to serve EU clients after Brexit. Banks support mutual recognition, but European Parliament member Danuta Huebner says "mutual recognition is excluded on the EU side as a potential solution, so if I were you I would rather think in terms of how to improve equivalence."
Financial News (UK) (tiered subscription model) (5/25) 
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Analysis: Have noncleared margin rules been effective?
The first phases of noncleared initial-margin rules have reduced the size of the noncleared derivatives market through incentives to centrally clear trades, rather than margining them bilaterally. The initial-margin experience in Phases 3 to 5 is likely to be different because smaller budgets might lead to "greater compliance and technology challenges," writes Mark Demo of AcadiaSoft.
TabbFORUM (5/23) 
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ISDA News and Events
BREXIT -- What are the implications for derivatives markets?
BREXIT -- What are the implications for derivatives markets?
There are still many unknowns around what Brexit will ultimately look like. However, this half-day symposium will consider how potential outcomes can impact US financial institutions and regulatory reforms. There will also be updates on the talks surrounding CCP supervision and what the EU (Withdrawal Bill) will mean for derivatives. REGISTER: ISDA Symposium -- Brexit on June 5 in New York
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ISDA Focus On: Trading Book Capital -- Conferences in New York and Toronto
ISDA Focus On: Trading Book Capital -- Conferences in New York and Toronto
ISDA leads the industry working groups on the critical topic of trading book capital. In the coming weeks, we will be offering full-day conferences on FRTB, Counterparty Risk and CVA in New York and Toronto. Program topics include Trading/Banking Book Boundary, Sensitivity Based Approach, Standardized Approach for Counterparty Credit Risk (SA-CCR), Internal Models Approach and Non-Modelable Risk Factors. REGISTER: June 19 in New York and June 21 in Toronto
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Editor's Note
The dailyLead will not publish Monday
In observance of Memorial Day in the US, the dailyLead will not publish Monday. Publication will resume Tuesday.
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