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Swaps Derivatives

Manatt, Phelps & Phillips, LLP

CFTC Concludes Public Comment Period on Proposed Election Trading Ban

August 2024 - The Commodity Futures Trading Commission (CFTC) has recently concluded the public comment period for its proposed rule to ban trading in derivatives tied to U.S. election outcomes. If approved, the proposed...more

ASKramer Law

Weather & Climate Risk Management Part III: Regulation of Weather Risk Management Products

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Are there differences in the way in which derivatives and insurance contracts are regulated? Yes. Weather derivatives and insurance contracts are subject to totally different regulatory regimes. Derivatives are subject to the...more

Jones Day

The CFTC Proposes Expansive Business and Governance Rules for Registered Derivatives Markets

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The Commodity Futures Trading Commission ("CFTC") recently proposed new and modified conflicts of interest, fitness, and governance regulations for swap execution facilities ("SEFs") and designated contract markets ("DCMs")....more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

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At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

Hogan Lovells

Take-off for sustainability-linked derivatives with the new ISDA SLD Clause Library?

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As the demand for derivatives linked to environmental, social and governance (ESG) goals increases, parties are looking to sustainability-linked derivatives (SLDs) to assist them in meeting their sustainability targets. The...more

Blank Rome LLP

ISDA and Clarus Publish the Final Risk-Free Rate Adoption Indicator

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January 29, 2024, marks the end of an era for the interest rate derivatives (“IRD”) markets, since on this date the International Swaps and Derivatives Association (“ISDA”) and Clarus Financial Technology (“CFT”) published...more

Holland & Knight LLP

ISDA Publishes Standardized Clauses for Sustainability-Linked Derivatives

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The International Swaps and Derivatives Association (ISDA) has published a new ISDA SLD Clause Library (SLD Provisions) containing standardized clauses and definitions for use in sustainability-linked derivatives (SLDs). The...more

Morgan Lewis

CFTC to Exercise Its Jurisdictional Hook: Regulating Voluntary Carbon Markets via Futures Exchanges Oversight

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The Commodity Futures Trading Commission (CFTC) issued proposed guidance on December 4 intended to increase the transparency and bolster the integrity of voluntary carbon credits that underlie derivative contracts subject to...more

Cadwalader, Wickersham & Taft LLP

ISDA Publishes Updated General Disclosure Statement for Transactions

In 2013, the International Swaps and Derivatives Association (“ISDA”) started publishing the General Disclosure Statement for Transactions document (“General Disclosure”) with annexes containing disclosures of risks that are...more

Cadwalader, Wickersham & Taft LLP

Enhancing Disclosure Requirements for Derivatives

Two settled enforcement actions in April 2023 indicate that the Commodity Futures Trading Commission (“CFTC”) is expecting increased swaps disclosure by swap dealers under the Dodd-Frank Act of 2010 and applicable CFTC...more

Cadwalader, Wickersham & Taft LLP

SVB and Signature Bank Resolution – CFTC-Related Implications

Many of the transactions involving qualified financial contracts (“QFC”) with Silicon Valley Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be...more

Cadwalader, Wickersham & Taft LLP

Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges

In response to changes in business practices, regulations and laws eventually change, too.  During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more

Orrick, Herrington & Sutcliffe LLP

CELF – Focus: Tribunale Arezzo "Gli elementi essenziali del contratto di Interest Rate Swap alla luce dei recenti orientamenti...

1. Con la sentenza del 22 dicembre 2022 n. 1359, il Tribunale di Arezzo si è pronunciato su una controversia sorta a seguito della sottoscrizione di un contratto di Interest Rate Swap Multifase. Tale sentenza consolida,...more

Cadwalader, Wickersham & Taft LLP

ISDA Publishes Digital Asset Derivatives Definitions and Accompanying Whitepaper Addressing Netting and Collateral Issues

On January 26, the International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA Digital Asset Derivatives Definitions (the “Definitions”). The Definitions are intended for documenting privately negotiated...more

Nelson Mullins Riley & Scarborough LLP

U.S. Regulators File Complaints for Digital Asset Market Manipulation and Misappropriation

The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint on Jan. 9, 2023, in the U.S. District Court for the Southern District of New York against Avraham Eisenberg. The U.S. Securities and Exchange Commission...more

Stikeman Elliott LLP

CSA Publish Derivatives Data Reporting Transition Guidance

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Amendments to swap data reporting rules are expected to be implemented by the Commodity Futures Trading Commission (CFTC) in December 2022. The Canadian Securities Administrators (CSA) have issued guidance to market...more

Cadwalader, Wickersham & Taft LLP

CFTC and SEC Issue Guidance on Security-Based Swaps and Fraud in OTC Swap Disclosures

On October 21, Commodity Futures Trading Commission (“CFTC”) Commissioner Caroline D. Pham issued a concurring statement to the CFTC’s amended complaint originally filed on April 27, 2022 in the U.S. District Court for the...more

Proskauer Rose LLP

In A Trinity of Releases, the SEC Proposes To Make Hedging Transactions More Transparent

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If adopted, the proposals will likely impact market practices - In a trinity of proposing releases rolled out in less than three months, the SEC has comprehensively proposed to regulate the use of derivatives and short...more

Katten Muchin Rosenman LLP

Key Takeaways: CFTC's FY 2021 Swap Dealers Enforcement Actions

In Fiscal Year 2021 (FY 2021), the Commodity Futures Trading Commission (CFTC) brought and settled five enforcement actions against swap dealers for alleged reporting, disclosures and supervision failures. Historically, the...more

Jones Day

The Long Arm of the CFTC: What Stakeholders in Brazil and Latin America Should Know

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Established in 1974 in Washington, D.C., the CFTC was originally responsible for overseeing and regulating the commodity futures and options markets in the United States. Initially, its primary focus was to regulate trading...more

Latham & Watkins LLP

“SOFR First” Initiative Takes Flight

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As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December...more

Katten Muchin Rosenman LLP

Tax Implications of LIBOR Reform

LIBOR (London Interbank Offered Rate) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale-unsecured funds. It is used in numerous financial instruments such as loans,...more

A&O Shearman

IRS derivatives: the latest case law of January – March 2021 in Italy

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In our publication of 16 December 2020, we gave an overview of Italian case law in 2020 on the nullity of Interest Rate Swap (IRS) contracts: the majority of the decisions published at that time declared such contracts null...more

Goodwin

ISDA Publishes Dodd-Frank Security-Based Swap Protocol

Goodwin on

On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more

Holland & Knight LLP

Libor Discontinuation: Update for Floating Rate Borrowers

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This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. ...more

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