Go ahead, buy it. That little black dress is calling your name. You know you don’t have anything to wear to the upcoming gala event. You can totally justify this purchase! You already have the perfect matching shoes and handbag. All you need is that one last item, that stunning dress, which has singled you out amongst the shopping masses, and wants nothing more than to be owned by you! Besides, you just need it for this one night. Maybe you can buy it, wear it, and return it for a full refund, all within the same credit card billing cycle. If you do, you’ll probably make that sensational appearance that you imagined – but you’ll also certainly be committing a form of retail theft called “wardrobing.” Believe it or not, wardrobing and other forms of return fraud cost retailers…

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Summary of Final Rule Further Defining a Swap The definition of a “swap” was recently finalized and published in the Federal Register on August 13, 2012. Summary of Final Rule Defining a Swap

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Key Swap Dealer/MSP Rule Delayed…Again Today the CFTC and SEC delayed the vote on the final rule for the entity definitions that had been scheduled for this Thursday, February 23rd. It’s possible that the rule could be voted on and approved on March 7th or 9th. We’ll update you all as soon as we hear more. Stay tuned. This is probably the most important rule to be released yet. [And if you can’t stay tuned, give us a call and we’ll give you give you a summary.] PRESS RELEASE The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, February 23, 2012, at 9:30 a.m. EST, on the following topics: Final Rule: Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant” “Major Security-Based Swap Participant” and “Eligible Contract Participant;” Final Rule: Swap Dealer and Major…

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Singapore has released its proposal for OTC derivatives regulatory reform. There is no trading requirement, but otherwise the proposed requirements are consistent with G-20 commitments. Noteworthy differences from US law include the following: 1) low use financial end users may be exempted from clearing requirements, 2) margin requirements for non-cleared trades appear to be focused exclusively on financial entities, 3) there is no real-time reporting requirement, and 4) the clearing requirement (albeit narrower in scope) is proposed to be retroactive. Given the concentration of derivatives activity amongst a handful of large banks, Singapore’s proposal addresses derivatives’ contribution to systemic risk, while being more flexible for non-financial end users, smaller financial end users and for financial end users who prefer to retain their freedom to determine the most efficient trading venue. Singapore currently holds 1.5% of the world swap market. Depending…

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Don’t bet on a quick fix for CMBS swap problem June 2009 An introduction to Swap breakage concerns within the struggling CMBS industry. Download Complete Article

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