Margin Requirements

News & Analysis as of

CFTC Implements Phase-in Period for New Variation Margin Requirements

On February 13, 2017, the U.S. Commodity Futures Trading Commission (CFTC) issued time-limited no-action relief providing a six-month grace period for certain swap dealers to come into compliance with the variation margin...more

Update: CFTC Delays Compliance Deadline for New Swap Margin Rules

Although the letter technically does not delay the effective date of March 1, 2017, from the perspective of the buy side, the letter functions as a “grace period,” and the compliance date has been moved to September 1, 2017....more

The Delta Report – Derivatives Newsletter: January 2017

In this first issue of The Delta Report for 2017, we cover crucial updates on developments in the derivatives space in Europe and Asia. In the UK, Brexit-related issues continue to take the spotlight. The Article 50 challenge...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

CFTC Issues No-Action Relief for Swap Dealers Complying with the EU Margin Rules

The CFTC has issued no-action relief for Swap Dealers that are subject to, and in compliance with, the EU margin rules but fail to comply with certain provisions of the CFTC’s margin rules for the period from February 4, 2017...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

"Reform, Not Repeal, Likely for US Swaps Regulations"

Swaps transactions, virtually unregulated before the 2008 financial crisis, are regulated in the U.S. under Title VII of the Dodd-Frank Act. Title VII empowers the Commodity Futures Trading Commission (CFTC), for most swaps,...more

European Commission Publishes Correcting Amendment to Regulatory Technical Standards on Margin Requirements for Uncleared...

The European Commission published a draft Commission Delegated Regulation amending the Regulatory Technical Standards on margin requirements for uncleared derivatives. The amending RTS relate to the phase-in of the variation...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

Corporate and Financial Weekly Digest - Volume XII, Issue 3

FINRA Issues Report on Implications of Blockchain - Broker-Dealer - On January 18, the Financial Industry Regulatory Authority, responding to increased industry interest in distributed ledger technology (DLT) known...more

"House Bill to Shake Up CFTC Rulemakings"

Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more

Year in Review: Legislation and Guidance for Financial Institutions in 2016

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life...more

EMIR: Intra-group Exemptions from Uncleared Margin Requirements – FCA Opens Application Process

On 4 January 2017, the FCA opened its application process for the intra-group transaction ("IGT") exemption to the EU’s new requirements to exchange margin for uncleared OTC derivative contracts (as set out in Commission...more

Singapore Legal Update - January 2017

MAS Amends the Requirements for Related Party Transactions for Banks - On 21 November 2016, the MAS issued an amended Notice 643 to Banks on Transactions with Related Parties. It will take effect in two years, on 18...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

SEC Chair White Refuses To Delay New Rules

According to Fortune, outgoing Securities and Exchange Commission Chair Mary Jo White is refusing to delay adoption of new rules and regulations. Senate Republicans–in particular the Senate Banking Committee’s top two...more

Global Financial Markets Insight - Issue 11, 2016

As we come to the end of 2016 we re ect on a year characterised by events that have sent political shockwaves through the world’s major markets and consider what this may mean for the coming year. The surprise may be...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

"Non-Cleared Swap Variation Margin Requirements to Spark Credit Support Annex Amendments for Financial End Users"

On March 1, 2017, new rules adopted by U.S. Prudential Regulators and the Commodity Futures Trading Commission (CFTC) will require registered swap dealers to post and collect daily variation margin for over-the-counter,...more

The Italian Competition Authority Investigates Alleged Margin Squeeze in the Italian Bulk SMS Market

On 16 November 2016, the Italian Competition Authority (the “Authority”) opened a proceeding against Vodafone Italia and Telecom Italia for alleged abusive conducts in the bulk SMS market. According to the Authority, both...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

CFTC Cross-Border Regulatory Update: New Proposal on Cross-Border Swap Transactions and Other Developments

On October 11, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved a proposed rule on the Cross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to...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

European Commission Adopts Technical Standards on Margin for Uncleared Derivatives

The European Commission adopted Regulatory Technical Standards on risk mitigation techniques for uncleared OTC derivatives. The European Market Infrastructure Regulation requires counterparties to uncleared OTC derivative...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

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