Synching Swap Margin Rules By John Hintze, iTreasurer June 17, 2016 “Aligning the start dates globally for margin requirements was the product of a pretty extraordinary coordination effort, so this is a pretty significant departure,” said Luke Zubrod, director of risk and regulatory advisory at Chatham Financial. He added that the question of whether the US should delay its margin rules was met by a “resounding chorus from the panelists that the US should endeavor to keep those dates in lockstep with the Europeans, lest there be competitive imbalances.” Read Complete Article

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Delay US non-cleared margin rules, industry tells Congress By Peter Madigan June 14, 2016 “If I was a European entity and I had the choice of facing a European bank or a US bank, one who was subject to US margin rules that started earlier and another that is subject to European rules that had not come into effect, if those start dates did not match I would have an incentive to trade with the European bank,” said Luke Zubrod, director of risk and regulatory advisory services at Chatham Financial, which advises derivatives end-users. “That is a real-world implication of that misalignment on those dates. We should endeavour to move forward in lockstep with Europe.” Read More *Registration may be required for Risk.net

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IEX revolution will restore trust in Wall Street December 23, 2015, CNBC.com By Michael Bontrager and Luke Zubrod “Our firm has spent the last six years responding to Dodd-Frank’s derivatives market regulations and it is our firm conclusion that the core problem in finance cannot be regulated away. To be sure, new regulatory guiderails are an essential response to the crisis. But there are limits to the power of government action in fixing the system’s most fundamental problem – the erosion of trust.” Commentary by Mike Bontrager and Luke Zubrod. Bontrager is the founder & CEO of Chatham Financial, a global risk management advisory and technology firm in the debt and derivatives markets. Zubrod leads the firm’s public policy efforts. Chatham has no financial interest in IEX. Read Complete Article

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Pensions & Investments: FX scandal’s lessons for asset owners By Peter Ahlin & Luke Zubrod August 14, 2015 “The foreign exchange manipulation scandal involving major global banks demonstrates that at their core, currency conversions are not merely operational processes. They are significant drivers of value that must be carefully managed. Pension boards and investment managers should undertake to ensure their FX spot execution practices are designed to preserve and protect this value.”Read More

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Four Years Later: Dodd-Frank and Derivatives August 01, 2014, Institutional Investor By Luke Zubrod Now that it’s been a few years since the promulgation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, practical experience with the law’s central features has allowed us to assess its shortcomings and present ideas for fine-tuning. Download Complete Article

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Guest view: U.S. swaps need clearer reform July 25, 2014, BreakingViews By Luke Zubrod Clearer changes are needed for U.S. derivatives markets than the Dodd-Frank Act’s prescription. Four years after the regulatory reboot became law, many of the reformers’ hopes have been realized. Download Complete Article

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Sizing Up the Impact of Derivatives Regulation on the European Property Sector June 2014, CRE Finance World By Luke Zubrod and Phong Dinh In the online published edition of CRE Finance World, Chatham regulatory experts Luke Zubrod and Phong Dinh contributed on the topic of “Sizing Up the Impact of Derivatives Regulation on the European Property Sector” reviewing the state of EMIR enforcement and the emerging requirements facing financial risk management programmes. Download Complete Article

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