News & Analysis as of

International Swaps and Derivatives Association

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more

ISDA Considers the Suitability of Swaps Documentation to the Blockchain

by Reed Smith on

On August 3, 2017, the International Swaps and Derivatives Association (“ISDA”) released a whitepaper that considers whether derivative contracts could operate on a blockchain (the “Whitepaper”). The Whitepaper, titled “Smart...more

Blockchain Energizer Vol. 10

by K&L Gates LLP on

There is a lot of buzz around blockchain technology and its potential to revolutionize a wide range of industries from finance and health care to real estate and supply-chain management. Reports estimate that over $1.4...more

ISDA Publishes the 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol

On July 28, 2017, ISDA published the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol (Protocol) which will enable participants to adjust the settlement cycle of certain of their OTC equity derivatives...more

ISDA Master Agreement – Court of Appeal favours chosen law over local

by Dentons on

When commercial parties choose English law to govern their hedging or financing contracts, the English courts will usually apply that choice with very few exceptions. A recent Court of Appeal case further narrows one such...more

The Financial Report, Volume 6, Number 13

by DLA Piper on

Discussion and Analysis - Two of our items today focus on remarks by new SEC Chairman Jay Clayton and, if they are any indication of the direction the new Chairman intends to take the Commission, they could go a long way to...more

Mandatory rules Rome Convention swaps

by Allen & Overy LLP on

The Court of Appeal has overturned a decision of the High Court that an Italian local authority could rely on local mandatory laws to invalidate an interest rate swap entered into with an Italian bank. In its ruling the Court...more

English Court of Appeal Confirms Primacy of Choice of Governing Law Clause in ISDA Master Agreements

On 15 June 2017 the English Court of Appeal handed down a significant judgment in Dexia Crediop S.p.A. v Comune di Prato. The Court’s unanimous judgment confirmed that the nature of an agreement made pursuant to an ISDA...more

Construction of competing jurisdiction clauses

by Allen & Overy LLP on

The Commercial Court has upheld an Italian local authority’s jurisdiction challenge in respect of certain declarations relating to interest rate swaps entered into under an ISDA Master Agreement. At first instance, the judge...more

The Financial Report, Volume 6, Number 9

by DLA Piper on

US financial regulators discuss Volcker Rule. CNBC reported that US financial regulators are tackling one of Wall Street’s biggest concerns by discussing the Volcker Rule governing banks’ proprietary trading. Rich Foster,...more

The Financial Report, Volume 6, Number 8

by DLA Piper on

International Monetary Fund reviews top threats to markets and banks. The Wall Street Journal reported on the IMF’s warning that high corporate leverage could threaten financial stability as the Federal Reserve raises...more

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

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