Swap Clearing

News & Analysis as of

Delay to EU Clearing Obligation for Certain Financial Institutions Recommended

The European Securities and Markets Authority published a Report recommending that the clearing obligation for financial institutions with low trading volumes be delayed until June 21, 2019. The European Market Infrastructure...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

Corporate and Financial Weekly Digest - Volume XI, Issue 38

BROKER-DEALER - FINRA Proposes Rule to Modify Fees and Transaction Credits for the FINRA/NYSE Trade Reporting Facility - On September 28, the Financial Industry Regulatory Authority proposed an amendment to modify...more

Corporate and Financial Weekly Digest - Volume XI, Issue 23

SEC/CORPORATE - SEC Adopts Amendment to Form 10-K Permitting the Summary of Business and Financial Information - On June 1, the Securities and Exchange Commission adopted an interim final rule (Rule), as mandated...more

EU Legislation Imposing Clearing Obligation for Credit Default Swaps Published

A Commission Delegated Regulation on central clearing for credit default swaps supplementing the European Markets Infrastructure Regulation was published in the Official Journal of the European Union. Under the Regulation,...more

Corporate and Financial Weekly Digest - Volume XI, Issue 9

SEC/CORPORATE - SEC Chair Addresses Advisory Committee on Small and Emerging Companies - On February 25, Securities and Exchange Commission Chair Mary Jo White addressed members of the SEC’s Advisory Committee on...more

CFTC Staff Clarifies Registration Relief Available to Non-US Asset Managers

No-action relief confirms that non-US asset managers may rely on an exemption from CFTC registration when trading uncleared swaps in the United States for the accounts of their non-US clients, an issue that had been in doubt...more

Nutter Bank Report - January 2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines - 1. CFTC Issues Relief from Swap Clearing Requirements to Small Holding Companies 2. Federal...more

Financial Services & Products Advisory: CFTC Provides Swap Clearing Relief for Smaller Bank Holding Companies and Savings and Loan...

On January 8, 2016, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) issued a no-action letter (CFTC Letter 16-01) providing relief from the clearing requirement for some swaps...more

U.S. Commodity Futures Trading Commission Division of Clearing and Risk Issues No-Action Relief from Swap Clearing Requirements

On January 8, 2016, the U.S. Commodity Futures Trading Commission’s (the “CFTC”) Division of Clearing and Risk issued no-action relief to certain entities from the swap clearing requirements so long as certain conditions...more

CFTC Issues No-Action Relief From the Swap Clearing Requirements for Small Bank Holding Companies, Small Savings and Loan Holding...

On January 8, the Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission issued no-action relief from the swap clearing requirements of Section 2(h)(1)(A) of the Commodity Exchange Act to certain...more

Corporate and Financial Weekly Digest - Volume XI, Issue 2

BROKER-DEALER - 2016 Examination Priorities Announced By SEC - On January 11, the Securities and Exchange Commission released the Office of Compliance Inspections and Examinations’ (OCIE) 2016 examination...more

Financial Services Weekly News - January 2016 #2

Regulatory Developments - Client Alert: FINRA Releases 2016 Regulatory and Examination Priorities Letter - Goodwin Procter’s Investment Management practice has issued a client alert on FINRA’s Jan. 5 release of its...more

Current Status of the Clearing Obligation Under EMIR

Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

Congress Provides Swap Clearing and Margin Exemption for Central Treasury Units

Section 705 of the Consolidated Appropriations Act, 2016, that was signed by President Obama on December 18, 2015, amends Section 2(h)(7)(D) of the Commodity Exchange Act and the equivalent provision in the Securities...more

ESMA Announces European Swap Clearing to Start in June 2016

In a press release dated December 2, 2015 the European Securities and Markets Authority (ESMA) announced that firms will have to clear certain classes of interest rate swaps starting from June 21, 2016. This marks an...more

CFTC To Hold an Open Commission Meeting To Consider Final and Proposed Rules

The Commodity Futures Trading Commission announced it will hold an open meeting on Wednesday, December 16 at 10:30 a.m. (ET). The meeting agenda includes a discussion of proposed rules regarding the Division of Clearing and...more

Financial Entity Update: CFTC’s Proposed Margin Rules for Uncleared Swaps – America’s Next Top Model

Our first installment on the CFTC’s proposed margin rules (Margin Rules) for uncleared swaps addressed the importance of the “financial end user” definition and making certain notional calculations. Our second and third...more

CFTC Extends Relief for Eurex Clearing and US Clearing Members

The Division of Clearing and Risk of the Commodity Futures Trading Commission has further extended temporary no-action relief to Eurex Clearing AG and its clearing members that are US persons, which authorizes US clearing...more

Coming Soon - Mandatory Clearing of Interest Rate Swaps Under EMIR

On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU...more

Bridging the Week - August 2015 #4

CME Group Files Disciplinary Actions for Trading Ahead of Block Trades and Failure to Supervise an Employee Engaging in Disruptive Trading Activities - In two cases of first impression, CME Group exchanges brought and...more

Corporate and Financial Weekly Digest - Volume X, Issue 32

In this issue: - US Court of Appeals for the District of Columbia Circuit Upholds Decision on Conflict Minerals Rule - CFTC Issues Order of Exemption From Registration as a DCO to ASX Clear (Futures) Pty Limited and...more

Financial Services Weekly News - August 2015 #2

Regulatory Developments - SEC Revises 2014 Money Market Fund Reform FAQs: On Aug. 4, the SEC staff issued revised 2014 Money Market Fund Reform Frequently Asked Questions (FAQs), which were originally released...more

ESMA Publishes Clearing Obligation CP for Additional IRS Classes

On May 11, ESMA published a consultation paper (CP) on the clearing obligation for additional classes of interest rate derivatives, including fixed-to-floating interest rate swaps denominated in Czech Republic koruna (CZK),...more

A Practical Guide for the Buy-Side to the U.S. Margin Rules for Uncleared Swaps - What the Buy-Side Needs to Know about the OTC...

This guide is designed to provide in a concise format the principal information that the buy-side needs to know about the U.S. margin rules. The format of the guide is question-and-answer, with most answers followed by the...more

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