Swap Clearing

The New CFTC Regulatory Regime For Private Fund Managers; First Quarter 2013 Update

by Edward Eisert, Evelyn Grant, Nik Mathews, Jonas Robison | Orrick, Herrington & Sutcliffe LLP on 4/19/2013

The enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementation by the Commodity Futures Trading Commission (“CFTC”) has ushered in a new era of...more

ICE Clear Europe Authorized to Portfolio Margin Swaps and Security-Based Swaps

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 4/17/2013

The Commodity Futures Trading Commission issued an order (Order) permitting ICE Clear Europe Limited (ICE Clear Europe) and its clearing members that are registered both as broker-dealers under the Securities Exchange Act of...more

Swaps Clearing Deadline Nears

by Elan Mendel | Shipkevich PLLC on 4/15/2013

Swaps clearing deadline nears, as close to 250 to 300 U.S. investment managers are required to begin clearing swaps transactions by June 10th. According to Reuters, asset managers have been slow to create accounts with...more

Upcoming Deadlines for Private Funds that Trade Swaps

by Proskauer Rose LLP on 4/10/2013

Some of the key changes to the swaps markets contemplated by the Dodd-Frank Act are starting to take effect. Some key upcoming deadlines affecting private investment funds are highlighted below. ...more

DOL Issues Guidance for ERISA Plans to Engage in Cleared Swaps

by Guy C. Dempsey, Jr., Gary Howell, Marilyn Selby Okoshi | Katten Muchin Rosenman LLP on 2/26/2013

On February 7, 2013, the US Department of Labor (DOL) issued Advisory Opinion 2013-01A (the “Advisory Opinion”), which provides guidance under the Employee Retirement Income Security Act of 1974 (ERISA) for employee benefit...more

CFTC Announces Revised Compliance Schedule For Required Clearing

by Elan Mendel | Shipkevich PLLC on 2/26/2013

The CFTC’s Division of Clearing and Risk (DCR) today announced a revised compliance schedule for required clearing of iTraxx CDS Indices. The CFTC received notice from ICE Clear Credit LLC that it has begun offering customer...more

"Department of Labor Paves the Way to Clearing Swaps for ERISA Plans"

by Maureen A. Donley, Ryan Elsey, David C. Olstein, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 2/21/2013

The Department of Labor (DOL) recently issued a long-awaited advisory opinion (the Advisory Opinion) clarifying and confirming the ability of central counterparties (CCPs) and their clearing members (Clearing Members) to...more

DOL Clarifies Application of ERISA Rules to Cleared Swaps

by Daniel Kleinman, Michael Richman | Morgan Lewis on 2/15/2013

New guidance defers to the Dodd-Frank/CFTC framework for regulating the swaps clearing process. On February 7, the U.S. Department of Labor (DOL) issued an advisory opinion on the application of the ERISA fiduciary rules...more

Legal Alert: DOL Resolves Important ERISA Issues About Cleared Swap Transactions

by Margaret C. Barker, James M. Cain, Adam Cohen, Warren N. Davis, Carol McClarnon, Jamey Medlin, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 2/14/2013

In Advisory Opinion 2013-01A (February 7, 2013), the Department of Labor (DOL) issued an important advisory opinion addressing the treatment under the Employee Retirement Income Security Act of 1974, as amended (ERISA), of...more

FSA Allows CME To Clear Interest Rate Swaps In London

by Elan Mendel | Shipkevich PLLC on 2/11/2013

The FSA will allow the CME to clear interest rate swaps, the worldï¿½s largest asset class traded by notional value OTC, reports Financial Times....more

Legal Alert: ISDA Accepting Comments on Draft Dodd-Frank "Protocol 2.0"

by Cheryl I. Aaron, James M. Cain, Doyle Campbell, Kalaundra Y. Carreathers, Warren N. Davis, Jacob Dweck, Daphne G. Frydman, Meghan R. Gruebner, Alexander S. Holtan, Meltem F. Kodaman, more +Catherine M. Krupka, David T. McIndoe, Raymond A. Ramirez, Mark D. Sherrill, R. Michael Sweeney, Jr. | Sutherland Asbill & Brennan LLP on 2/6/2013

Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act (Dodd-Frank), the Commodity Futures Trading Commission (CFTC) has adopted a number of final regulations that require swap dealers (SDs)...more

Group Issues Report To Harmonize U.S. And E.U. Swaps Clearing

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

The Committee on Capital Markets Regulation (CCMR) issued a letter to derivatives regulators for the European Securities and Markets Authority (ESMA), the European Commission, and the Commodity Futures Trading Commission...more

Swap Clearing and the Commercial End User Exception: Corporate Governance and Risk Management Issues for Commercial Companies

by Juan Arciniegas, Anthony R.G. Nolan, Anh Tran | K&L Gates LLP on 1/18/2013

Central clearing of over-the-counter derivatives is a central pillar of the financial services reforms that are embodied in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The presumption...more

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