Integral Development Corporation Announces Readiness for CFTC EBCS Ruling
by
Andrew Saks McLeod
The US Commodity Futures Trading Commission (CFTC) is set to implement new rules designated External Business Conduct Standards (EBCS) for swap dealers and major swap participants dealing with counterparties, under which a series of criteria must be met.
As part of the Dodd-Frank Act, the proposed rulings are intended to establish due diligence and disclosure obligations, as well as outright prohibitions against certain practices.
The proposed ruling will have an impact on ways in which swap dealers and major swap participants will deal with their counterparties in that due diligence and disclosure obligations generally would not apply to transactions initiated by a counterparty on a designated contract market or swap execution facility where the SD/MSP does not know the identity of the counterparty.
One FX trading solutions provider, Integral Development Corporation of FX trading, has upgraded its service to facilitate Liquidity provider compliance with the two most prominent requirements of the EBCS in time to meet the May 1st deadline.
The rules promulgated by the CFTC state that by that date, the Pre-Trade Mid-Market Mark (PTMMM) and the Static Material Economic Terms requirements will go into effect. Integral is the first of any FX solutions provider to proclaim readiness for both.
One of the requirements of CFTC regulation 23.43 mandates that Liquidity Providers disclose a Pre-Trade Mid-Market Mark prior to trade execution in addition to bid/ask prices. Integral has made the necessary enhancements to all its trading applications.
“We are proud to announce that Integral has the technology solutions in place that enable liquidity providers on FX Grid to be in compliance ahead of stated deadlines,” said Harpal Sandhu, CEO, Integral Development Corporation.
Also an element of the EBCS, liquidity providers are required to publish their respective relevant static material economic terms when offering swap contracts. All Integral services and partner liquidity providers are in compliance ahead of the deadline.
A further matter of importance for high-risk complex bilateral swaps is that swap dealers and major swap participants would have to provide a scenario analysis designed in consultation with the counterparty to allow the counterparty to assess its potential exposure in connection with the swap. The characteristics of high-risk complex swaps would include one or more of the following criteria: the degree and nature of any leverage; the potential for periods of significantly reduced liquidity; and the lack of price transparency.
For bilateral swaps not available for trading on a designated contract market or swap execution facility that are not high-risk complex swaps, counterparties would be able to “opt-in” to obtain a scenario analysis for such swap.
The US Commodity Futures Trading Commission (CFTC) is set to implement new rules designated External Business Conduct Standards (EBCS) for swap dealers and major swap participants dealing with counterparties, under which a series of criteria must be met.
As part of the Dodd-Frank Act, the proposed rulings are intended to establish due diligence and disclosure obligations, as well as outright prohibitions against certain practices.
The proposed ruling will have an impact on ways in which swap dealers and major swap participants will deal with their counterparties in that due diligence and disclosure obligations generally would not apply to transactions initiated by a counterparty on a designated contract market or swap execution facility where the SD/MSP does not know the identity of the counterparty.
One FX trading solutions provider, Integral Development Corporation of FX trading, has upgraded its service to facilitate Liquidity provider compliance with the two most prominent requirements of the EBCS in time to meet the May 1st deadline.
The rules promulgated by the CFTC state that by that date, the Pre-Trade Mid-Market Mark (PTMMM) and the Static Material Economic Terms requirements will go into effect. Integral is the first of any FX solutions provider to proclaim readiness for both.
One of the requirements of CFTC regulation 23.43 mandates that Liquidity Providers disclose a Pre-Trade Mid-Market Mark prior to trade execution in addition to bid/ask prices. Integral has made the necessary enhancements to all its trading applications.
“We are proud to announce that Integral has the technology solutions in place that enable liquidity providers on FX Grid to be in compliance ahead of stated deadlines,” said Harpal Sandhu, CEO, Integral Development Corporation.
Also an element of the EBCS, liquidity providers are required to publish their respective relevant static material economic terms when offering swap contracts. All Integral services and partner liquidity providers are in compliance ahead of the deadline.
A further matter of importance for high-risk complex bilateral swaps is that swap dealers and major swap participants would have to provide a scenario analysis designed in consultation with the counterparty to allow the counterparty to assess its potential exposure in connection with the swap. The characteristics of high-risk complex swaps would include one or more of the following criteria: the degree and nature of any leverage; the potential for periods of significantly reduced liquidity; and the lack of price transparency.
For bilateral swaps not available for trading on a designated contract market or swap execution facility that are not high-risk complex swaps, counterparties would be able to “opt-in” to obtain a scenario analysis for such swap.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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