International Swaps and Derivatives Association

News & Analysis as of

Roundup of upcoming cases and anticipated UK regulatory developments

Cases to watch- Wall v RBS – is the bank entitled to an order requiring Mr Wall to identify the third party funder funding his case so that the bank can make an application for security for costs against the funder? Due...more

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

Insurance Companies Need to Prepare for Swap Margin Rules in Effect on March 1, 2017

March 1, 2017, is the scheduled implementation date applicable for all insurance companies for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules. Although the...more

The Financial Report, Volume 6, Number 2

Discussion and Analysis - Last week, Mary Jo White delivered her “farewell address” to The Economic Club of New York upon the completion of her term as the 31st Chair of the Securities and Exchange Commission. Her...more

New German Insolvency Code Amends Legal Basis for Contractual Close-out Netting

The German legislature has passed an amendment to the German Insolvency Code providing clarity on the status of netting arrangements in financial transactions which was cast into doubt by the German Federal Court of Justice...more

European Margin Rules for Non-cleared OTC Derivatives – The Margin Big Bang

After a six-month delay, the rules governing the mandatory posting of collateral for uncleared derivatives entered into force on 4 January 2017. By 1 March 2017, all in-scope counterparties will be obliged to post variation...more

The Financial Report, Volume 6, Number 1 - January 2017

As we enter our sixth year of publication, I am reminded of the old curse (or is it a blessing?), “may you live in interesting times.” Before our next edition is published, a new President will be seated in the Oval Office...more

Bridging the Week - January 2017

Jon Corzine Agrees to US $5 Million Fine and Registration Ban to Settle CFTC Charges Related to Collapse of MF Global; Edith O’Brien to Pay US $500,000: Jon Corzine agreed to resolve charges brought by the Commodity Futures...more

The Deadline for Compliance With the U.S. Variation Margin Rules Is Approaching! Are You Ready?

The requirement that non-cleared swaps be fully margined, which is one of the last pillars of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), will take effect for “financial end-users”...more

Historic Risk Management Rules and Practices Go Live on March 1, 2017 in Leading Markets

For the first time in the history of derivatives, regulators in leading markets will require assets to collateralize many derivatives which are not settled in a regulated clearinghouse. It is not possible to overstate...more

Service of contractual notices under standard form financial contracts – lessons to learn

Where a contract sets down requirements for the service of notices under it, it is essential to comply with them strictly. Lord Hoffman famously said in Mannai Investment Co Ltd v. Eagle Star Life Assurance Co Ltd: "If the...more

Guide to U.S. Variation Margin Documentation for Financial End Users

The scheduled implementation date applicable for most financial end users for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules is March 1, 2017. In most cases, the U.S....more

ISDA 2016 Variation Margin Protocol: Margin Rules Compliance Guide - United States

The International Swaps and Derivatives Association, Inc. has published the ISDA 2016 Variation Margin Protocol. The VM Protocol aims to facilitate compliance with the margin rules of various jurisdictions, including the...more

Derivatives In Review - October 2016

CFTC Delays Reduction in Swap Dealer De Minimis Exception Threshold - On October 13, 2016, the Commodity Futures Trading Commission approved an Order delaying for one year the reduction of the threshold for determining...more

New DOL fiduciary rule and swaps - ISDA update

The Department of Labor’s final revised fiduciary regulation will become applicable on April 10, 2017. Those affected by the revised regulation will include banks and other financial institutions that negotiate investment...more

The Financial Report, Volume 5, Number 18

The SEC recently adopted new rules that substantially amend Form ADV under the Investment Advisers Act of 1940, as amended (the Advisers Act). Although not as comprehensive as the Form ADV amendments adopted in 2011, the new...more

The Delta Report – Derivatives Newsletter: September 2016

In this issue of The Delta Report, we bring you further updates on developments in the global derivatives space. In Europe, the focus is on Brexit and the newly-released EU final regulatory standards on the valuation of...more

Bail-In and Contractual Recognition: The Impact on US and Other Non-EU Counterparties and the Potential Impact of Brexit

Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more

ISDA Launches 2016 Variation Margin Protocol to Facilitate Compliance With Margin Rules

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol will help market participants implement the new variation...more

Trading and Markets Enforcement Report - August 2016

The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more

Brexit's Impact on ISDA Documentation

As previously noted in the client alert “Brexit: A First Look at the Impact on Asset Managers That Trade Derivatives,” Brexit is not anticipated to have an immediate impact on ISDA Documentation or derivatives contracts. ...more

The Financial Report, Volume 5, Number 14

Discussion and Analysis - As an increasing number of investment management firms experience financial distress, we often are asked whether there are any minimum capital requirements imposed on investment advisers....more

Brexit and Other Key Issues for CFOs and Corporate Treasurers

On June 23, 2016, the UK electorate voted to leave the European Union in an advisory Referendum. We expect the UK Government to commence negotiations to withdraw and to establish a framework for the UK’s new relationship with...more

Brexit: Potential consequences on CEE / SEE finance

On 23 June 2016, the UK electorate voted to leave the European Union (EU) in a so-called 'Brexit' referendum. The full implications of Brexit are unknown and unknowable at this time as the referendum decision will need to be...more

Casting the Net Wider to Address "Too Big to Fail" - The ISDA 2015 Universal Resolution Stay Protocol

21 major global banks signed the ISDA 2015 Universal Resolution Stay Protocol at launch. Pursuant to the ISDA 2015 Universal Resolution Stay Protocol, these banks have agreed to suspend their termination rights in relation to...more

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