Highlights books related to the week's top financial news stories, by Karris Golden, president & COO of Wasendorf & Associates (Traders Press Inc., W&A Publishing and SFO Magazine)
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According to Reuters, the SEC and CFTC are moving toward finalization of a definition for “swap dealer.”
In a swap trade, Party A exchanges the cash flows of its financial instrument for that of Party B. According to the Financial Regulatory Reform Center, a “swap dealer” is any person that:
·Holds itself out as a dealer in swaps
·Makes a market in swaps
·Regularly enters into swaps with counterparties in the ordinary course of business for its own account
·Engages in any activity causing the person to be commonly known as a dealer or market maker in swaps in connection with the CFTC-regulated swaps
The SEC/CFTC “swap dealer” tag is expected to come with more oversight and increase the cost of such trades. The designation also will give firms latitude to exempt swaps for hedging.
Reuters notes that the Dodd-Frank financial oversight law, which was first proposed in December 2010 in reaction to the financial crisis, has changed dramatically. While it originally allowed firms to be designated swap dealers if they traded more than $100 million in swaps over a 12-month period. As Reuters reports, energy companies and commodity traders lobbied to alter the provision to bump the threshold to $8 billion for most asset classes as an initial phase-in. In time, the threshold could drop to $3 billion.
Both regulatory agencies face legal challenges over the rules. There also are concerns that the SEC and CFTC have not fully analyzed the economic impact and rule formulation processes.
To learn more about swaps, futures, options and other financial instruments affected by Dodd-Frank, go to TradersPress.com. There, you’ll find everything priced to meet or beat those you’d find on Amazon and you’ll receive free S&H when you spend $25 or more.
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March is Women’s History Month, a worldwide observance of the contributions we’ve made in the past and present.
More women than ever trading and taking control of their investments. And philanthropy expert Margaret May notes that women spend $5 trillion per year and control more than 75% of the total wealth in the United States. We also influence and/or make 84% of household financial decisions.
So while I’m all for celebrating our history and remembering where we came from, my priority is to ensure we all have access to information to grow personal wealth.
·SFO magazine—a digital publication for stocks, futures, foreign currency and option traders that’s always free. It’s a great way learn and start building confidence, plus it’s edited by women!
OrderOptions Trading in Your Spare Time and the other titles mentioned in today’s blog. No need to use a promo code; just take advantage of the better-than-Amazon pricing at TradersPress.com and enjoy free S&H* when you spend $25 or more.
*Restrictions apply. International flat rate shipping is $10 for the first item and $5 for each additional item.Email customerservice@traderspress.com with questions.
I know. I know! How much bad news can you possibly read?
Sure, it’s tough not to wince when someone says anything that sounds remotely like “market.” But we have to power through—stiff upper lip and all that.
My mantra the past few weeks has been, “You can’t run from your problems.” I mean, of course I can, but they chase me. And they’re fast.
So I’m not running. I stopped covering my eyes with my hands. I’m diving in!
In addition to the array of free trading resources from Wasendorf & Associates Inc., such as Traders Press Weekly, SFO magazine, SFO Weekly and SFO’s webinar series, we’ve upped our blog code discounts! From now on, use any Traders Press blog codes to receive 20% off sitewide and free U.S. S&H* at TradersPress.com. (I’m partial to promo code KGBLOG911, and I hope you are, too.)
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U.S. Federal Reserve leaders said recently that they’ll revisit derivatives rules if a global agreement on margin requirements couldn’t be reached.
It’s about time, but I reserve the right to be skeptical. I’m optimistic about nearly everything, but this whole situation receives a cynical snort of derision from me.
For the full Traders Press®inventory, click here. Order the resources mentioned today and/or others, and receive a 10% discount and free shipping*! Use promo code KGBLOG811.
*Some restrictions apply. Shipping is free to residents in the continental United States. International shipping will be applied at our regular shipping rates.
