A new rule removes the requirement to clear IBOR-based swaps and extends mandatory clearing to swaps on IBOR alternatives. On August 12, 2022, the US Commodity Futures Trading Commission (CFTC) voted to amend its...more
The US Commodity Futures Trading Commission adopted final rules on June 25 prohibiting post–trade name give-up for anonymously executed and intended-to-be-cleared swaps effected on swap execution facilities....more
In 2019, the Commodity Futures Trading Commission (CFTC or Commission) experienced significant changes in leadership, including the appointment of Dr. Heath P. Tarbert as the Commission’s 14th Chairman. The Division of...more
While not unlimited, the relief is welcome for counterparties seeking to transition to risk-free rates for legacy swaps. The US Commodity Futures Trading Commission (CFTC) has issued no-action relief to help market...more
Toward the end of 2018, the Commodity Futures Trading Commission (CFTC) proposed significant revisions to the framework governing swap trading through swap execution facilities (SEFs) and designated contract markets (DCMs)....more
CFTC - CFTC’s LabCFTC Releases Primer on Smart Contracts - On November 27, the Commodity Futures Trading Commission’s LabCFTC released “A CFTC Primer on Smart Contracts” to provide information on a variety of financial...more
On August 23, 2018, the Commodity Futures Trading Commission (“CFTC“) unanimously proposed a rule that “exempt[s] from the clearing requirement swaps entered into by bank holding companies and savings and loan holding...more
On October 12, 2017, the Division of Clearing and Risk (Division) of the US Commodity Futures Trading Commission (CFTC) issued an interpretative letter in response to a request for clarification on whether payments of...more
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
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
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
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
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
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
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
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
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
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
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
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
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
In this issue: - New Law Aligns Clearing and Margin Exceptions for Swaps - CFTC Staff Extends No-Action Relief to Certain Reporting Counterparties Masking Identifying Information Pursuant to Non-US Law -...more
On August 18, the consultation period closed for responding to the draft regulatory technical standards (RTS) published by the European Securities and Markets Authority (ESMA) for the mandatory clearing of certain interest...more
Following up on its January 21, 2014, formation of an interdivisional staff working group (Working Group) to review its swap data reporting and other provisions of Part 45 of its regulations, on March 19, 2014, the Commodity...more
The Division of Clearing and Risk of the Commodity Futures Trading Commission has extended the expiration date for relief granted in an earlier no-action letter from the swap clearing requirement under Section 2(h) of the...more