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Hedging is Not Meant to be Front-Page News
2012-05-14
Since hedging is our core business, we at Chatham Financial certainly hope the lesson the world takes away from these revelations is something like “Hedging is something you really need to do properly, or else you could make headlines for all… Read More 
Regulators Finalize Key Rule on Entity Definitions
2012-04-27
On April 18 the CFTC and SEC approved a final rule defining the terms “swap dealers,” “major swap participants,” and “eligible contract participants.”… Read More
CFTC Schedules Meeting to Vote on Final Swap Dealer, MSP and ECP Definitions…But Will They Cancel Again?
2012-04-12
Stay tuned, but don’t hold your breath. The Commodity Futures Trading Commission (CFTC) has published a notice, required under procedures applicable to CFTC rulemakings, that it will hold a public meeting on Wednesday, April 18th to vote…… Read More
Dodd-Frank Act Amended by House
2012-03-27
With strong bipartisan support, two bills that would amend the Dodd-Frank Act in ways which would benefit end users of OTC derivatives were approved by the U.S. House of Representatives yesterday…. Read More
E.T. Phones Home:
2012-02-21
Now, thirty years later, “E.T.” is all the rage once again. E.T. also refers to “extraterritoriality,” or the question of whether the laws of one jurisdiction apply outside of that jurisdiction…. Read More
Key Swap Dealer/MSP Rule Delayed…Again: CFTC to Hold Open Meeting To Consider Final Rule for Definition of Swap Dealer and Major Swap Participant and Other Rules
2012-02-21
The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, February 23, 2012, at 9:30 a.m. EST…. Read More
OTC Derivatives Regulatory Reform – Singapore Style
2012-02-15
Singapore has released its proposal for OTC derivatives regulatory reform … Singapore currently holds 1.5% of the world swap market…. Read More
European Regulator Indicates Margin on FX Trades May Be Required
2012-02-15
Comments from ESMA’s (European securities regulator) chief Steven Maijoor indicated that the Europeans will apply margin requirements to FX trades …… Read More
To Clear or Not to Clear …
2012-02-15
The clearinghouse CME has announced that it is now accepting corporate bonds as initial margin for cleared trades …… Read More
EUROZONE DISSOLUTION: Episode 3: The Contract Strikes Back
2012-02-13
EUROZONE DISSOLUTION: Episode 2: Return of the Drachma
2012-02-06
This is part two of a three-part series on a hypothetical breakup of the Eurozone, and the corresponding currency and derivative contract issues that could follow…. Read More
EUROZONE DISSOLUTION: Episode 1: The Sovereign Menace
2012-01-30
This is part one of a three-part series on a hypothetical breakup of the Eurozone, and the corresponding currency and derivative contract issues that could follow…. Read More
The Egg McMuffin of All Derivatives
2012-01-23
“It was the Egg McMuffin of all ISDA negotiations.” “That was the Egg McMuffin of all derivative deals.” “You are the Egg McMuffin of all counterparties!” … Read More
A Retrospective on Twenty Years of Chatham
2011-09-02
Twenty years ago this week Chatham officially opened its doors. Or more accurately, its door. It was an office over my garage with a newly installed Telerate satellite dish outside that provided connection to the markets I left on Wall Street…. Read More
Comments, Comments, Comments
2011-07-18
Last week, Chatham offered its comments together with the Coalition for Derivatives End-Users to proposed regulatory rules concerning margin requirements for uncleared swaps…. Read More
Hedge Now, “Pay” Later: Benefits of an Interest Rate Cap
2011-06-30
As short-term interest rates continue to hover near zero, intermediate-term swap rates have recently fallen to their lowest levels of 2011, and… Read More
Treasury Proposes to Exempt FX From Derivatives Regulation
2011-04-29
Treasury has just released a “proposed determination” exempting foreign exchange forwards and foreign exchange swaps from the bulk of the regulations under the Dodd-Frank Act…. Read More
Modest Proposals For Immodest Probems
2011-04-26
This week S&P reduced their long term outlook on US government debt to negative. On one side Bill Gross sees a downgrade … Read More
Joint Letter from House and Senate and End-User Margin Rules on April 12th
2011-04-11
On April 6th, a bipartisan letter was sent to regulators urging them to consider a number of important end-user issues… Read More
A Chatham Financial Valentine’s Day
2011-02-14
Stop. Check your calendar. If you haven’t yet secured a token of your affection for your dearly beloved, it’s not too late… Read More
The Executive Order
2011-01-25
“President Obama this week issued an executive order that would, in his words, “[make] it our mission to root out regulations that conflict… Read More
Ebenezer Scrooge and OTC Derivatives Regulation
2010-12-28
“Are these the shadows of things that must be, or are they the shadows of things that MIGHT be?” Ebenezer Scrooge spoke these… Read More
EU Property Sector Commissioned Study Estimates EUR 64.9 Billion Of Impact From Proposed EU Derivatives Regulation
2010-11-23
Proposed EU rules on derivatives could take an estimated EUR 64.9 billion of working capital away from Europe’s real economy … Read More
AIFMD’s Passage and Its Implications On Derivatives Regulation
2010-11-15
After more than a year of political and legislative wrangling over the Alternative Investment Fund Managers Directive (“AIFMD”), the EU Parliament … Read More
Comments on FASB’s Proposal on Financial Instruments and Hedge Accounting
2010-10-04
We recently provided our views to the FASB on its controversial proposal to modify the accounting for financial instruments… Read More
Over the Counter Derivatives Reform: Preparing for a Changing Marketplace
2010-09-27
This week I had the privilege of moderating a panel at an event sponsored by the U.S. Chamber of Commerce… Read More
Overview of Key Issues from EU Derivatives Published Proposal
2010-09-21
After more than a year of incubation, the European Commission has finally released a draft proposal of its derivatives legislation on September 15th, 2010… Read More
Global Focus: Update on the European Derivatives Debate
2010-09-10
With the US having wrapped up the derivatives legislative debate, it is now Europe’s turn. Meanwhile, Asian governments like Hong Kong and Singapore have remained fairly quiet… Read More
President Signs Landmark Legislation that Transforms the Derivatives Markets
2010-07-22
Yesterday President Obama signed into law the most sweeping set of financial regulations since the 1930s. As an indication of the scope of… Read More
Congress Ready to Pass Historic Legislation – Highlights from the Derivatives Title
2010-07-06
When Congress returns from recess the week of July 12th, the Senate is expected to pass legislation enacting the most sweeping set of regulations for the financial services… Read More
Preliminary Analysis of House-Senate Conference on OTC Derivatives Title
2010-06-25
Early Friday morning, negotiators for House and Senate reached a compromise on the OTC derivatives bill. The “conference report” which reflects this compromise will be sent next week… Read More
Moderate Democrats, NYC Mayor Bloomberg Weigh In On Derivatives Legislation
2010-06-17
The New Democrat Coalition, a group of 69 moderate and pro-growth Democratic members of the House of Representatives, is circulating a letter that expresses strong support… Read More
The Case for End User Amendments
2010-05-14
Senate action on OTC derivatives is anticipated to wrap-up this week. Among issues that observers of the debate are keeping a close eye on is a provision (“section 716”) which would require banks to spin-off their swaps desks. Despite calls to … Read More
Amendment Voting Underway – Still Time to Influence Senators
2010-05-10
Last week, we shared 9 improvements we would like to see in the Senate derivatives legislation. We’ve felt bold enough to do this in large part because there is so much agreement from… Read More
The Business Community Virtually United — Plus Others Joining In Agreement
2010-05-10
Many voices are joining in arguing for a similar public policy response – centered around effectively controlling systemic risk, providing information to regulators & market participants, … Read More
Nine Improvements Needed in the Senate Agriculture/Banking OTC Derivatives Bill
2010-04-28
Title VII of the Wall Street Transparency and Accountability Act of 2010 (“the bill”) now reflects the merger of the bills reported out of the Senate Agriculture and Senate Banking committees… Read More
Three Derivatives Bills Still Standing
2010-04-23
The Senate Banking and the Senate Agriculture Committees have each reported their derivatives… Read More
OTC Regulatory Reform: Senate Action Imminent
2010-04-20
According to media reports, the White House’s “political arm” has wrested control of the debate on… Read More
Welcome
2010-03-26
I want to welcome you to Chatham’s new website. One of the reasons that we chose to re-design our website was that over the past several years
… Read More
