The SEC and CFTC have opened a 60-day window on harmonising the definitions that divide their two derivatives regimes; for once the news is not a rule but an invitation to redraw lines that have held since Dodd-Frank Title VII. The joint request for comment asks where the swap and security-based-swap definitions still misfire, which exclusions from the swap definition need tightening, and how far event-based products sit on either side of the fence. It is the latest move in a fast sequence. The agencies signed a memorandum of understanding on 11 March and stood up a Joint Harmonization Initiative; a joint ... (full story)