Mandatory Clearing Requirements

Reporting, clearing and risk mitigation rules for derivatives under European law in 2013 – the impact on buy side entities

by Andrew Henderson | Ropes & Gray LLP on 4/23/2013

A few provisions of the Regulation on Derivative Transactions, Central Counterparties and Trade Repositories, known as the European Market Infrastructure Regulation 648/2012 (“EMIR”) are now in effect throughout the European...more

CFTC Approves Clearing Exemption for Inter-Affiliate Swaps

by Blake Brockway, Ross Pazzol | Katten Muchin Rosenman LLP on 4/10/2013

On April 1, the Commodity Futures Trading Commission approved a final rule that permits certain affiliates to elect not to clear a swap. To qualify for the clearing exemption, the counterparties’ financial statements must be...more

CFTC Exempts Interaffiliate Trades From Dodd-Frank Clearing

by Elan Mendel | Shipkevich PLLC on 4/2/2013

The CFTC has adopted a rule that exempts interaffiliate trades from the Dodd-Frank Act requirements for clearing. Barclays, JPMorgan Chase & Co., and other banks are among those exempt from the Dodd-Frank Act swap market...more

Credit Crunch Digest -- March 2013

by Jennifer Quinn Broda, Ryan Chapoteau, Matthew Ferguson, Todd McCormick, Thomas R. Orofino, Eric C. Scheiner | Sedgwick LLP on 4/2/2013

This issue of the Credit Crunch Digest focuses on developments in antitrust-based Libor claims against major banks; the status of European Union investigations into Libor manipulation; developments in IndyMac-related...more

ISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere

by Stephen Moller | K&L Gates LLP on 4/2/2013

On 8 March 2013, The International Swaps and Derivatives Association, Inc (“ISDA”) published the ISDA 2013 EMIR NFC Representation Protocol (the “Protocol”). Adherence to the Protocol provides parties to ISDA Master...more

CFTC Approves Final Regulations Governing Exemption From Required Clearing For Inter-Affiliate Swaps

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/2/2013

The CFTC has issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act, or CEA, and CFTC regulations. ...more

CFTC Grants Relief from Required Clearing for Swaps Resulting from Multilateral Portfolio Compression

by Kevin M. Foley, Kenneth M. Rosenzweig, Tanja Samardzija | Katten Muchin Rosenman LLP on 3/26/2013

On March 18, the Commodity Futures Trading Commission’s Division of Clearing and Risk granted no-action relief relating to the clearing requirement for swaps resulting from multilateral portfolio compression exercises (as...more

CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations

by Orrick - Structured Finance Group on 3/26/2013

On March 20, the CFTC issued a no-action letter providing relief from required clearing for a limited set of “stub swaps” that remain after the partial novation or partial termination of an original swap that was not required...more

CFTC Grants Relief from Required Clearing for Partial Novation and Partial Termination of Swaps

by Kevin M. Foley, Kenneth M. Rosenzweig, Tanja Samardzija | Katten Muchin Rosenman LLP on 3/26/2013

On March 20, the Commodity Future Trading Commission’s Division of Clearing and Risk granted no-action relief from the clearing requirement for “stub” swaps that result when two counterparties agree to reduce the notional...more

CFTC Provides Relief For Partial Swap Terminations

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/25/2013

The CFTC’s Division of Clearing and Risk has issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps” that remain after the partial novation or partial termination of an original...more

Corporate and Financial Weekly Digest - March 22, 2013

by Katten Muchin Rosenman LLP on 3/25/2013

In this issue: - NASDAQ Proposes Internal Audit Function Requirement for Listed Issuers - FINRA’s Frequently Asked Questions on Electronic Blue Sheet Submissions Updated Regarding Order Execution Time -...more

CFTC’s No Action Letter Provides Relief From Required Clearing

by Elan Mendel | Shipkevich PLLC on 3/21/2013

The CFTC’s Division of Clearing and Risk issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps.” These are swaps that remain after the partial novation or partial termination...more

CME Group Launches Swaps Clearing In London

by Elan Mendel | Shipkevich PLLC on 3/19/2013

CME Group Inc. has launched a clearing service for interest rate swaps in London. The news comes a week after U.S. regulators began implementing mandates for rate swap clearing at CME’s headquarters....more

Orrick's Financial Industry Week in Review - March 18, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/19/2013

In This Issue: *Financial Industry Developments - CFTC Announces the Start of Mandatory Clearing - CFTC Reminds Market Participants of Swap Data Reporting Requirements - Rating Agency Developments...more

CFTC Announces the Start of Mandatory Clearing

by Orrick - Structured Finance Group on 3/19/2013

On March 11, the CFTC announced that swap dealers, major swap participants, and private funds active in the swaps market are required to begin clearing certain index credit default swaps and interest rate swaps that they...more

Mandatory Clearing Of Swaps Begins

by Ethan Mark | Leonard, Street and Deinard - Dodd-Frank and... on 3/18/2013

Swap dealers, major swap participants and private funds active in the swaps market are required to begin clearing certain index credit default swaps, or CDS, and interest rate swaps that they entered into on or after March...more

Skadden, Arps, Slate, Meagher & Flom LLP

"New CFTC Swap Clearing Rules to Require Board Review and Approval of the Election to Rely on the 'Commercial End-User Exception'"

by Andrew Brady, Brian V. Breheny, Maureen A. Donley, Rachel Frankeny, Hagen Ganem, Ann Hawkins, Theodore M. Kneller, Daniel S. Konar II, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 3/14/2013

New Commodity Futures Trading Commission (CFTC) swaps clearing rules will force non-financial entities to stop uncleared trading of certain interest-rate swaps (IRS) and index credit default swaps (index CDS) starting on...more

CFTC Announces Mandatory Clearing Of Swaps

by Felix Shipkevich | Shipkevich PLLC on 3/12/2013

Today, the CFTC announced today that swap dealers, major swap participants, and private funds active in the swaps market, are required to begin clearing certain index credit default swaps (CDS) and interest rate swaps that...more

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