Trump budget calls for Wall Street regulators to face restructuring
WASHINGTON, May 22 Two Wall Street financial regulators would face cuts or major structural changes under President Donald Trump's fiscal 2018 budget proposal
WASHINGTON Feb 21 Commodities trader Cargill Inc has registered as a swap dealer with the U.S. derivatives regulator, a sign that new financial-stability rules have started impacting firms well outside Wall Street.
Cargill is the first major non-financial company to acquire the status of "swaps dealer" on the registry of the National Futures Association (NFA), which lists the biggest players in the $630 trillion market.
So far, only large Wall Street firms had lined up with the NFA after registration became mandatory at the beginning of the year, such as JPMorgan, Bank of America and Deutsche Bank.
Cargill could not immediately be reached for comment.
In 2009, the world's largest economies agreed to clamp down on the unregulated swaps market, which has been blamed as a major contributor to the global financial crisis.
Regulators such as the U.S. Commodity Futures Trading Commission (CFTC) are setting tighter standards for trading and data reporting, among a host of other measures. Firms must also register when they deal in swaps.
A small group of companies that use swaps for genuine hedging of physical assets such as commodities, or use them to hedge financial liabilities in their daily business, is exempt from the new rules.
But any other trader hitting a volume of more than $8 billion in swaps in the past 12 months needed to register as of Dec. 31, according to the CFTC's rules.
The CFTC endowed the NFA with responsibility for registration of swap dealers, just as it is for futures firms.
NEW YORK, May 22 Ford Motor Co's unexpected decision to replace its chief executive officer on Monday may not be the catalyst that revives its slumping share prices.
LONDON, May 22 Alistair Cross was flying high after showing in a pilot project how blockchain - the technology first developed for the crypto-currency bitcoin - could transform the old-fashioned and secretive world of commodity trading.