Interest Rate Swaps

News & Analysis as of

New decision on bank’s duties re interest rate swaps

The 11th senate of the German Federal Supreme Court again had to deal with the duties of a bank recommending interest rate swap agreements. In this context, the German Federal Supreme Court re-affirmed on 22 March 2016 – XI...more

CFTC and EU Regulators Agree on a Common Approach for the Regulation of CCPs

Last week, the Commodity Futures Trading Commission (CFTC) and European regulators announced that they have reached agreement on a “common approach” regarding requirements for central counterparties (CCPs) (i.e.,...more

"A Case Based On Hindsight" - Misselling Claim Rejected

The High Court in Thornbridge Ltd v Barclays Bank plc [2015] EWHC 3430 (QB), 27 November 2015 has rejected an interest rate swap misselling claim for losses allegedly arising as a result of the defendant bank having acted...more

Financial Services Regulation - Exchange International Newsletter - Issue 28 - January 2016

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-eighth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

A new thorn in the side of claimants in swap mis-selling claims

In December 2015 the High Court handed down its judgment in Thornbridge Limited v Barclays Bank PLC [2015] EWHC 3430 (QB), a swaps mis-selling claim involving an interest rate hedge. The customer lost on all counts. The...more

High Court rules no advisory duty for bank over interest rate swap connected to loan

The High Court has dismissed claims that Barclays Bank PLC had undertaken an advisory duty and breached its obligation not to mislead when agreeing an interest rate swap with the borrower in Thornbridge Ltd v. Barclays Bank...more

Clearing To Commence in the European Union in June 2016

On December 2, the European Securities and Markets Authority issued a press release stating that clearing as required under the European Market Infrastructure Regulation would commence on June 21, 2016. This date follows the...more

EU Clearing Obligation for Interest Rate Swaps Set for June 2016

The obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation will apply from June 2016. A Delegated Regulation that imposes a mandatory clearing obligation for interest rate swap...more

First EMIR clearing Regulation published in OJEU

The first Delegated Regulation to implement the clearing obligation under the European Market Infrastructure Regulation (EMIR) was published in the OJEU on 1 December, following its adoption in August (see FReD 7 August). It...more

Bridging the Week - December 2015

CFTC Brings First Insider Trading-Type Enforcement Action Based on New Anti-Manipulation Authority: Last week the Commodity Futures Trading Commission brought and settled its first enforcement action sounding in the...more

Borrowers Not Liable For Lender's Costs Of Unwinding An Internal Hedge Upon Pre-Payment Of Loan

A lender's internal interest rate swap was not a "funding transaction" under the terms of a loan agreement. This meant that the borrowers were not liable to pay the costs of unwinding the internal swap in the event they...more

ESMA submits additional RTS on IRS central clearing

ESMA has submitted to the Commission its additional draft RTS on the central clearing of interest rate swaps (IRS) under EMIR. The RTS propose the mandatory central clearing of fixed-to-float IRS and forward rate agreements...more

ESMA Adds Index CDS to EMIR Mandatory Clearing Obligations

On October 2, the European Securities and Markets Authority (ESMA) finalized and issued a draft regulatory standard (RTS) for the mandatory clearing of certain credit default swaps (CDS) as required under the European Market...more

CFTC Extends Relief for Eurex Clearing and US Clearing Members

The Division of Clearing and Risk of the Commodity Futures Trading Commission has further extended temporary no-action relief to Eurex Clearing AG and its clearing members that are US persons, which authorizes US clearing...more

Coming Soon - Mandatory Clearing of Interest Rate Swaps Under EMIR

On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU...more

EU Clearing Obligation for Interest Rate Swaps Looms

Implementation of the obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation now seems imminent. The European Commission has adopted a Delegated Regulation that would impose a...more

The Financial Report - Volume 4, No. 10 • May 2015 (Global)

Discussion and Analysis - One of the earliest, and certainly one of the most famous, computers of all time is HAL 9000, the sentient computer that controls the systems of the Discovery One spacecraft and interacts with...more

Financial Regulatory Developments Focus - May 2015 #3

In This Issue: - Application of EU Requirements for Remuneration Policies for Small and Non-Complex Firms Confirmed - US Regulators Issue the Final Interpretation on Forward Contracts with Embedded Volumetric...more

Mandatory Clearing in Europe May Still Be “A Ways Off”: ESMA Responds to Proposed Amendments on Interest Rate Swaps Clearing RTS...

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement...more

ESMA Publishes an Opinion on Draft RTS on Clearing of Interest Rate Swaps under EMIR

Article 5(2) of Regulation (EU) No 648/2012 (EMIR) requires the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards specifying, inter alia, the class of OTC derivatives that should...more

CFO’s Thirst for Wine Club Invitation Costs Hospital Millions

You can’t make this stuff up. Last Monday a federal court in Rhode Island ordered two insurance companies to pay a $30 million claim by hospital management company Lifespan Corp. Lifespan filed the claim after being ordered...more

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR

On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards (RTS) for the central clearing of interest rate swaps (IRS) under EMIR. ...more

Orrick's Financial Industry Week in Review

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR - On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards...more

Update on Timing and Scope of ESMA Clearing Obligations

On August 18, the consultation period closed for responding to the draft regulatory technical standards (RTS) published by the European Securities and Markets Authority (ESMA) for the mandatory clearing of certain interest...more

"Mandatory SEF/DCM Trading Begins for Certain Interest Rate Swaps"

As of February 15, 2014, certain types of fixed-for-floating interest rate swaps must be executed on a swap execution facility (SEF) or a designated contract market (DCM), unless an exception applies (e.g., the commercial...more

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