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Administrative Agency Regulation

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1.State the administrative agency which controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how?
The proposed regulation that is of interest is “Removing Any References to or Reliance on Credit Ratings in Commission Regulations; Proposing Alternatives to the Use of Credit” submitted by Commodity Futures Trading Commission or CFTC. I am interested in this regulation because I deal with swaps trading every day. This proposed regulation will most likely not affect my company because we invest in the more standardized derivatives. We also have internal auditors to oversee how we invest our clients’ funds.
2. Describe the proposal/change.
The proposed change is about clarifying and standardizing the current legislation on swaps. As it stands now, the regulations on swaps trading on few and far between. Along with those regulations are privately-run, for-profit credit rating agencies. These two problems combined are how Goldman Sachs was able to swindle their investors and likely why this regulation was originally proposed. Many investors looking to engage in a swap transaction first have to decided what type of swap they would like to enter into. I will use an Interest Rate Swap or IRS as reference for my example (although an IRS is one of the more basic and regulated swaps). An IRS is a swap where investors decide on a notional amount, or amount of the underlying security they would like to use. For our purposes the notional amount will be a 10 year, $100,000, annual bond. One investor (Investor A) decides that he would like to sell another investor (Investor B) a fixed 8% coupon while receiving or buying a floating rate from Investor B. On the coupon date the floating rate is 8.5%; Investor A will have a coupon of…...

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