Congress puts pressure on Financial Stability Oversight Council

The Securities and Exchange Commission adopted cross-border derivatives rules, and foreign banks that conduct OTC trades with U.S. entities will now have to register with SEC, Compliance Week reported.

  • Commodity Futures Trading Commission extended relief from enforcement for certain U.S. swaps rules to LCH.Clearnet’s non-US swaps clearing hub. The relief allows LCH.Clearnet to continue clearing listed derivatives executed under US rues without being registered as a clearing organization in the US, the IFR reported.
  • U.S. Congress is putting pressure on the Financial Stability Oversight Council (FSOC), whom the former claims is not operating as envisioned under the Dodd-Frank Act. The House of Representatives Committee on Financial Services voted on two proposed bills aimed at reducing the powers of the FSOC, with one of the bills to prohibit the Council from designating any non-bank firm a systematically important financial institution (SIFI) for six months.
  • Korea Exchange received a CFTC-granted extension until the year-end to register as a derivatives clearing organization (DCO) to clear interest rate swaps for US persons, FOW reported.
  • NZX’s equity market experienced a second halt this month as a result of a technical fault with its FIX messaging system, Bloomberg reported.
About the Author

Bernardo Mariano brings to ERDesk his experience structuring private deals for the acquisition of mutual exchanges. Prior to joining ERDesk Bernardo worked as a Director for Instinet and later, CEO of Reuters' Bondex. He holds an MS in Economics from University of Illinois and an MIA in Finance from Columbia University. He can be reaced at be reached at 

Equity Research Desk ( provides fundamental analysis of global capital markets related entities to support the investment process of buy-side analysts at hedge funds and traditional money managers. The company focuses its coverage on securities exchanges, discount brokers, trading platforms, asset managers, financial-related technology companies and intellectual property assets in the US, Europe, Asia, and Latin America.

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