In this note we analyse some of the consequences for sovereign CDS resulting from a vote for Scottish independence.
Scotland: The Succession Event Question -
A vote for an independent Scotland will have many...more
On 18 September 2014, the referendum on Scottish independence will take place. Opinion polls suggest that the outcome is too close to call. This note highlights various legal issues related to the referendum and Scottish...more
The European Securities and Markets Authority is consulting on the mandatory clearing obligation for certain derivatives. Draft regulatory technical standards have been published for the mandatory clearing of certain interest...more
On February 18, both Argentina and the Exchange Bondholders Group filed petitions for writs of certiorari with the Supreme Court, seeking review of the Second Circuit’s rulings in the pari passu litigation. We discuss below...more
The Commodity Futures Trading Commission has imposed for the first time a requirement that certain swaps be traded on a regulated market. Beginning February 15, 2014, certain cleared interest rate swaps and index credit...more
The European Market Infrastructure Regulation (EMIR1) imposes new reporting, clearing, collateral and conduct of business requirements on all derivatives market participants which are based in the EU or deal with EU...more
On 3 September, ESMA published its technical advice to the European Commission on the equivalence of the US and Japanese derivatives frameworks to the EU rules. On 2 October, ESMA supplemented its technical advice with...more
Argentina is in hot pursuit of multiple audiences before the Supreme Court: two petitions for writs of certiorari filed by Argentina are pending in the NML v. Argentina cases, and another is almost certainly on the way. In...more
Clarity to market participants on the equivalence of derivatives rules to European requirements has been much anticipated. On 3 September, ESMA published its technical advice to the European Commission on the equivalence of...more
On August 23, the Second Circuit issued its long-awaited opinion on Argentina’s appeal from the Southern District’s amended injunction requiring that Argentina make “ratable payment” to the plaintiffs when it next makes...more
The extraterritorial effect of new financial regulation is a controversial issue, fundamental to the business of banks, brokers, funds and their clients. A consultation paper containing proposed rules on certain...more
The first wave of financial regulatory change affecting banks, brokers and their users is in the field of derivatives. Various deadlines for new reporting, clearing and conduct of business requirements are imminent. The...more
Argentina filed a petition for writ of certiorari in US Supreme Court: what Argentina wants, when the Supreme Court will answer, and whether or not Argentina will get its day in the high Court.
On June 24, the Republic...more
The Federal Reserve on Wednesday, June 5, issued an interpretation of the so-called “swaps push-out” section of the Dodd-Frank Act that corrects a drafting error that virtually everyone agrees needed to be fixed. The Federal...more
On June 4, 2013, the Division of Clearing and Risk (the “Division”) of the US Commodity Futures Trading Commission (the “CFTC”) granted limited no-action relief from the mandatory clearing requirement for swaps entered into...more
The plaintiffs have squarely rejected the proposal that Argentina made in its March 29 reply to the Second Circuit’s March 1 inquiry as to how Argentina planned to “make current” the “original bonds” held by the plaintiffs....more
On April 9, 2013, the US Commodity Futures Trading Commission (the “CFTC”) granted last minute no-action relief from portions of the CFTC’s swap reporting rules. The relief delays certain compliance deadlines for many swap...more
In responding to the Second Circuit’s March 1 inquiry as to how Argentina planned to “make current” the “original bonds” held by the plaintiffs, Argentina has once again made it clear that it will not treat the plaintiffs any...more
The Second Circuit has ordered Argentina to submit a payment proposal, following oral argument in the NML v. Argentina appeal.
As we reported in our February 28 note, the three-judge panel of the Second Circuit expressed...more
The three-judge panel of the Second Circuit heard approximately two-and-a-half hours of vigorous oral argument in NML v Argentina yesterday. While no decision was announced, the judges gave strong suggestions as to their...more