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
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 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
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
The Commodity Futures Trading Commission recently adopted regulations relating to the clearing exemption for swaps between certain affiliated entities. Pursuant to the final regulations, the clearing exemption is available to...more
In this issue: - CFTC Expands List of Acceptable Legal Entity Identifiers - CFTC Delays Effective Date for Clearing Exemption for Swaps Between Affiliates - “Sophisticated Plaintiff” Found to Be Adequate...more
On May 30, the National Futures Association issued a notice to its members regarding Section 16 of the NFA Financial Requirements. ...more
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
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
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
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