News & Analysis as of

International Swaps and Derivatives Association

Bridging the Week - May 2017 #3

ICE Futures U.S. Settles Disciplinary Actions Against Three Respondents For Alleged Block Trade Violations For US $325,000 Combined Fine - ICE Futures U.S. settled two related disciplinary actions against three persons for...more

Article 55 and the ISDA 2016 Bail-in Article 55 BRRD Protocol

by White & Case LLP on

ISDA published on 14 July 2016 the "ISDA 2016 Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK entity-in-resolution)" (the "Bail-in Protocol"). The Bail-in Protocol aims to facilitate market...more

Japanese Variation Margin Requirements Take Effect

by Jones Day on

Following the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' March 18, 2015, release of revisions to the framework for margin requirements for non-centrally cleared...more

Quelles Consequences Sur Vos Contrats De Marche En Cas De Frexit ?

Avec une proportion non négligeable de candidats à la présidence de la France favorables à la sortie de l’Europe ou à la renégociation de certains traités, l’éventualité d’un Frexit au lendemain du Brexit n’a jamais été aussi...more

Alert: ISDA Publishes Canadian Clearing Classification Letter

On March 30, 2017, the International Swaps and Derivatives Association, Inc. (ISDA), with the assistance of Blakes lawyers, published the ISDA Canadian Clearing Classification Letter. The letter enables market participants to...more

Debt Dialogue: March 2017

Kramer Levin’s Debt Dialogue addresses recent developments and recurring issues that debt-focused investors commonly encounter in connection with enforcement of rights, interpretation of documentation and other relevant...more

Roundup of upcoming cases and anticipated UK regulatory developments

by DLA Piper on

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

by Pepper Hamilton LLP on

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

by Holland & Knight LLP on

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

by DLA Piper on

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

by White & Case LLP on

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

by White & Case LLP on

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

by DLA Piper on

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

by Seyfarth Shaw LLP on

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

by Dentons on

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

by Holland & Knight LLP on

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

by DLA Piper on

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

by DLA Piper on

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

by DLA Piper on

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

by White & Case LLP on

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

by McGuireWoods LLP on

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

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