The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sat, 04 Apr 2026 11:30:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Derivatives Rules under the Dodd-Frank Act Affecting End-Users – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Derivatives Rules under the Dodd-Frank Act Affecting End-Users https://corpgov.law.harvard.edu/2012/08/25/derivatives-rules-under-the-dodd-frank-act-affecting-end-users/?utm_source=rss&utm_medium=rss&utm_campaign=derivatives-rules-under-the-dodd-frank-act-affecting-end-users https://corpgov.law.harvard.edu/2012/08/25/derivatives-rules-under-the-dodd-frank-act-affecting-end-users/#comments Sat, 25 Aug 2012 13:24:35 +0000 http://blogs.law.harvard.edu/corpgov/?p=32189?d=20150113140506EST Posted by Noam Noked, co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Saturday, August 25, 2012
Editor's Note:

The following post comes to us from John White, partner in the Corporate Department and co-chair of the Corporate Governance and Board Advisory practice at Cravath, Swaine & Moore LLP. This post is based on a Cravath memorandum; the full version, including footnotes, is available here.

Background — The Dodd-Frank Act

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for new Federal regulation of the swaps market, and, when fully implemented, is expected to make fundamental changes in the way the swaps market operates. Title VII seeks to reduce systemic risk, increase transparency and improve efficiency in the swaps market by requiring centralized clearing and exchange trading of swaps as well as real-time and regulatory reporting of swap transactions. Under the Dodd-Frank Act, the Commodity Futures Trading Commission (the “CFTC”) will regulate most swaps on interest rates, commodities and currencies and the Securities and Exchange Commission (the “SEC,” together with the CFTC, the “Commissions”) will regulate swaps, including equity and credit default swaps, on single securities and narrow-based securities indices. The term “swap” is defined broadly in the Dodd-Frank Act, and includes certain foreign exchange transactions, such as non-deliverable foreign currency forwards, that may not be characterized as swaps for other purposes.

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