Apr 9, 2014
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CFTC | Press Releases - April 9, 2014: CFTC’s Divisions of Market Oversight and Swap Dealer and Intermediary Oversight Provide Conditional No-Action Relief with Respect to Swaps Trading on Multilateral Trading Facilities Overseen by Authorities Designated by European Union Member States.
April 9, 2014
CFTC’s Divisions of Market Oversight and Swap Dealer and Intermediary Oversight Provide Conditional No-Action Relief with Respect to Swaps Trading on Multilateral Trading Facilities Overseen by Authorities Designated by European Union Member States
Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight (DMO) and Swap Dealer and Intermediary Oversight (DSIO) today announced the joint issuance of CFTC No-Action Letter No. 14-46 (No-Action Letter 14-46), replacing CFTC No-Action Letter No. 14-16 (No-Action Letter 14-16), which DMO and DSIO issued on February 12, 2014.
No-Action Letter 14-16 provided no-action relief for:
- Qualifying MTFs from the SEF registration requirement;
- Parties executing swap transactions on qualifying MTFs from the trade execution mandate; and
- Swap dealers and major swap participants executing swap transactions on qualifying MTFs from certain business conduct requirements.
Subsequent to the issuance of No-Action Letter 14-16, CFTC staff continued to engage in dialogue with the staffs of the European Commission and the Financial Conduct Authority of the United Kingdom, as well as with facility operators and market participants, concerning certain terms and conditions in No-Action Letter 14-16.
As a result of these conversations, and seeking to build upon the significant progress achieved to date towards harmonizing a regulatory framework for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs), CFTC staff today issued No-Action Letter 14-46, which generally tracks the conditional relief provided in No-Action Letter 14-16. However, No-Action Letter 14-46 features several notable clarifications, as well as new and amended conditions including, but not limited to, the following items:
- An MTF must report all swap transactions to a Commission-registered or provisionally-registered swap data repository as if it were a SEF, in compliance with parts 43 and 45 of the Commission’s Regulations, as a condition subsequent to qualifying for relief;
- An MTF must certify that it is subject to and compliant with regulations that require all MTF participants to consent to the MTF’s jurisdiction, thereby enabling the MTF to effectively enforce its rules;
- Qualifying MTFs must submit monthly reports to CFTC staff summarizing levels of participation and volume by U.S. persons; and
- Clarifications regarding the reporting obligations for counterparties to swap transactions executed on or pursuant to the rules of a qualifying MTF.
CFTC staff believes that the revisions included in No-Action Letter 14-46 are consistent with the commitments made by the CFTC in the CFTC-EC Path Forward statement and the spirit of international cooperation evidenced by that document.
Issuance of No-Action Letter 14-46 was preceded by issuance of CFTC No-Action Letter No. 14-31, which provides additional time for MTFs to comply with the conditions for obtaining relief under No-Action Letter 14-46, and for DMO to consider certifications made by MTFs pursuant to No-Action Letter 14-46. The short-term no-action relief provided by CFTC No-Action Letter No. 14-31 will expire on May 14, 2014.
Last Updated: April 9, 2014
Telegraph notes research on China's huge gold demand by GoldMoney's Macleod: GATA | THE GATA DISPATCH - April 9, 2014.
Telegraph notes research on China's huge gold demand by GoldMoney's Macleod
China 'Has More Gold Than Official Figures Show'
By Olivia Goldhill
The Telegraph, London
Wednesday, April 9, 2014
The Telegraph, London
Wednesday, April 9, 2014
China could be holding even more gold than previously realised, according to Alasdair Macleod, a researcher at online precious metals trader GoldMoney.
Official figures from China Gold Association (CGA) show that the Asian superpower consumed 1,176 tonnes of gold in 2013, 41 percent higher than in 2012.
However, about 500 tonnes of gold from Chinese mines and scrap is unaccounted for by the CGA.
Mr Macleod believes the country holds more gold that the stated figures suggest, and in fact consumed 4,843 tonnes in 2013 alone. He raised his estimate after researching Chinese Gold Reports, where he said he found details of the amount of gold vaulted. He said the quantity of vaulted gold has been increasing steadily.
"Nobody had really any idea how much was going into the vaulting figures," Mr Macleod said. "The changes in the level of vaulted gold has been increased on a fairly consistent level almost at exactly the same rate as the increase in deliveries."
Increased levels of gold held by China match with the country's politics, according to Mr Macleod.
"It fits in with what appears to be Chinas geo-political strategy when it comes to gold," he said. "China, by having control of a large amount of gold, has leverage in the financial relationship with the West. Owning gold gives power to China over America," he said.
Martin Arnold, director-research analyst at ETF Securities, said that estimates of China's store of gold may well be too low.
"The evidence suggests that China is a very big consumer of gold with a gap in reporting for the last several years. It does point to some build up of stocks.
"China is the world's biggest producer of gold. Not only do they consume all the gold that is mined in the country but are also a net importer. 2013 was a record level -- we're talking several million ounces, to the extent where we're looking at about 35 million ounces in terms of the net gold import," he said.
Mr Arnold said that by owning gold, China diversified its reserves and so is less dependent on US treasuries.
"The US dollar over the past decade or so has been in a period of structural decline so when the public sector invests their holdings, they don't want to hold it all in US treasuries, which are necessarily dollar-based," he said.
China is one of the biggest holders of US treasuries in the world.
"China have got a large foreign exchange reserve with over L3.5 trillion invested around the world and so necessarily a large part of that goes into US treasuries," said Mr Arnold.
Owning a lot of gold to diversify investments means China is not beholden to the political decisions or monetary policy decisions from the United States, he said.
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Source: WSJ Market Data Group