With eighteen of over fifty regulations mandated by the Dodd-Frank Act yet to be formulated, the U.S. Commodity Futures Trading Commission voted today to allow temporary relief from rules originally intended to come into effect in July 2011. Speaking at a Washington meeting, CFTC Chairman Gary Gensler announced that the commission had approved an exemptive order regarding the effective dates of certain provisions. Among other concerns, the delay was prompted by complaints…

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Under the CFTC’s adapted rules, commodity options will be treated the same as all other swaps. The rule was approved by a 5-0 vote, removing regulations that treat agricultural swaps and commodity options differently than other transactions. Now, agricultural swaps and commodity options will be treated the same as interest rate, credit, and other swaps…

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On April 3, the CFTC finalized six rules in accordance with the Dodd-Frank Act. The final rules were initially proposed in five separate rulemaking notices. The regulations set forth duties, regulations, and responsibilities for FCMs, SDs, MSPs, and IBs to ensure compliance. Rules will become effective on June 4, 2012. Rule on Swap Dealers, Major Swap Participants record keeping…

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In 2011, the Bank of Japan expanded its balance sheet by 11%. But last year, the U.S. Federal Reserve expanded its own by 19%, the Swiss National Bank’s grew by 33% and the European Central Bank expanded its by 36%. We’ve had more expansion of balance sheets to start 2012, with the BOE, BOJ, PBOC and ECB unleashing more liquidity onto markets. Let’s break down each action and who comes out as the winners and losers so far.

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EUR/USD Outlook – The key themes for EUR/USD this week in terms of fundamental and event risk factors are: 1) last week’s price action – and German data – opened up a bullish outlook, 2) which is squeezing the EUR shorts as we look at the COT data, 3) the injection of further liquidity by the ECB’s via its “LTRO 2″ lending to banks, 4) beefing up the ESM bailout fund at the March 1-2 EU Summit meeting, and 5) Greece debt restructuring gets under way.

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