The CFTC voted Monday 5-0 to approve final rules regarding swap dealers and swap participants. The CFTC states the final rules will become effective 60 days after publication in the Federal Register.
CFTC Issues Final Rules Establishing Swap Dealer and Major Swap Participant Requirements for Swap Trading Relationship Documentation, Swap Confirmation, Reconciliation and Compression of Swap Portfolios
Washington, DC – The Commodity Futures Trading Commission (CFTC) today approved final rules to improve the risk management procedures of swap dealers and major swap participants. The CFTC voted 5 to 0 via seriatim to approve the final rules, which will become effective 60 days after publication in the Federal Register.
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Commission to adopt rules on the timely and accurate confirmation, processing, netting, documentation, and valuation of all swaps, as well as the reconciliation and compression of swap portfolios. These rules fulfill this congressional direction.
Proper documentation of swaps is critical to reducing risk in the bilaterally-traded swaps market and has been the focus of significant domestic and international attention in recent years. Confirmation, portfolio reconciliation, and portfolio compression have been recognized as essential post-trade processing mechanisms for reducing risk and improving operational efficiency. These rules also will help highlight risk management concerns for swap dealer and major swap participant senior management and regulators at an earlier stage.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
So the “Grandfather” clause stays (basically means the original crime pays, not the subsequent, just what JPM wanted). Bye bye Blondie Bart.
I wonder when they started working on this decision??? Any chance they started 4+ years ago because you think they would have made a decision on the manipulation investigation by now. Guess we’ll see you in September just like the song? This is quite frustrating.
Always government involving into the market! Rules=No Free Market! They are just creating more problems between buyers and sellers. If the government and the CFTC want to improve the economy a little bit more, they should LEAVE THE MARKET ALONE and let the market do its thing!
I have come to the conclusion that if silver becomes to spastic and has 20-30% intraday moves and they will be up and down but mostly UP, I believe the western bullion markets will suspend trading and leave the paper contracts in limbo through the collapse, while the vault phyz is long gone. This is a tiny market and if the media doesn’t cover it, it doesn’t exist. Are the American People too suicidal to save? I hope not, but we cant save all the lemmings if they are all hell bent on jumping. If there are that few of us who have fully awaken to the difference between Private Issued Debt Based Currency, Public Issued Debt Free Currency, and Gold/ Silver Money, we have our work cut out for us. We control the price by the volume of our speech. We need Longs to Take Delivery. Its just that simple, Take Delivery, and if I were running a shop I would cancel my short hedge. Bask in the glory of the short squeeze, if we can convince longs to take delivery, Take Delivery, TAKE DELIVERY. We Stackers, are Shorting the Government while the government shorts the people. There will not be, there is not now, any functioning Markets, We must create an alternative western market that is 100% phyz backed and could be linked with local coin shops. This will attract the miners with higher prices with a virtual specialist, call Max. If We all refuse to do business with the CME and the LBMA, they collapse. If the Miners unite behind a new market, the Industrial buyers will have to come to that market because it will be the only place that can make a delivery. We cant help grandpa’s pension, but we can save little johnny’s currency options. My question remains, if more then half the population have become suicidal, Do I stay or do I go. If south American countries discover public issued debt free currency and gold silver money, My home is where liberty lives and I don’t know if this population believes in that anymore. When the People are ready, the Teacher will appear. These People will not be ready until they are hungry. Hungry people don’t make good listeners and being hungry long enough will turn violent. I’m excited for this change because I’d rather Not kick the can down the road, I do not want to waste one more year in this suicidal system.
60 days till the proprietary trading desks have to be under the 10% position limits, except the Fed’s Silver Short position through the Morgue, thanks Blythe, All Counterfeiters will eventually destroy themselves.
Why 60 days till implementation?
And do we really belive this has a snowballs chance in Hell of ever helping anyone!