News & Analysis as of

Swaps Interest Rate Swaps

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

Latham & Watkins LLP

When Does an Event of Default Cease to Be Continuing

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The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...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

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

A&O Shearman

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

A&O Shearman on

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

ArentFox Schiff

Swaps 101 and the Death of LIBOR

ArentFox Schiff on

There are many types of swaps: commodity swaps, foreign exchange swaps, but of primary interest to real estate lawyers are interest rate swaps. Interest rate swaps are colloquially thought of as contracts by which a naturally...more

Holland & Knight LLP

Pennsylvania Proposes Restrictions on Municipal Interest Rate Swaps

Holland & Knight LLP on

• New legislation has been proposed in Pennsylvania imposing specific restrictions and parameters on interest rate swaps entered into by certain cities, counties and municipal authorities in the Commonwealth, and imposing new...more

A&O Shearman

Swaps close-out costs: auditor not responsible for financial consequences of decision to enter into swaps

A&O Shearman on

Incorrect advice given by an auditor as to the accounting treatment of interest-rate swaps did not make it liable for the close-out costs of those swaps which became necessary, following the application of the correct...more

Eversheds Sutherland (US) LLP

Federal judge finds in favor of defendants Donald Wilson and DRW Investments, LLC in market manipulation case brought by the CFTC

On November 30, 2018, nearly two years after the trial concluded, the US District Court for the Southern District of New York found in favor of Defendants Donald R. Wilson (Wilson) and his derivatives trading firm DRW...more

A&O Shearman

US Commodity Futures Trading Commission Proposes New Measure to Calculate Size of Interest Rate Swap Markets

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The US Commodity Futures Trading Commission is considering a new measure to calculate the size of the interest rate swap (IRS) markets. Under the methodology proposed in a paper by CFTC Chief Economist Bruce Tuckman, the...more

Moore & Van Allen PLLC

The Transition Away From USD LIBOR for Swaps - A Report for U.S. Market Participants

Moore & Van Allen PLLC on

With the Financial Conduct Authority (the “FCA”) announcing in July 2017, essentially, its intent to no longer persuade or compel panel banks to make LIBOR submissions by the end of 2021, the future of LIBOR, and its role in...more

Eversheds Sutherland (US) LLP

CFTC Proposes to Expand Mandatory Clearing to Include Additional Classes of Interest Rate Swaps

On June 9, the Commodity Futures Trading Commission (CFTC) released a notice of proposed rulemaking regarding an expansion of CFTC Regulation 50.4(a). If adopted, additional classes of interest rate swaps will become subject...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Proposes to Apply Clearing Requirement to Additional Interest Rate Swaps

On June 9, 2016, the Commodity Futures Trading Commission (CFTC) proposed to require additional interest rate swaps to be centrally cleared. Since December 2012, the CFTC has required four classes of interest rate swaps...more

Eversheds Sutherland (US) LLP

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

Eversheds Sutherland (US) LLP

Mandatory Clearing in Europe May Still Be “A Ways Off”: ESMA Responds to Proposed Amendments on Interest Rate Swaps Clearing RTS...

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Mandatory SEF/DCM Trading Begins for Certain Interest Rate Swaps"

As of February 15, 2014, certain types of fixed-for-floating interest rate swaps must be executed on a swap execution facility (SEF) or a designated contract market (DCM), unless an exception applies (e.g., the commercial...more

Eversheds Sutherland (US) LLP

CFTC Certifies Two More “Available to Trade” Determinations

Last week, the Commodity Futures Trading Commission (CFTC) certified two additional available to trade determinations (MAT determinations). The latest MAT determinations cover additional interest rate swaps (IRS) and, for the...more

Katten Muchin Rosenman LLP

CFTC Requests Public Comment on MAT Filings by Javelin and trueEX

The Commodity Futures Trading Commission has requested public comment on determinations by Javelin SEF, LLC (Javelin) and trueEX, LLC (trueEX) to make certain interest rate swaps “available to trade.” Once those...more

Proskauer Rose LLP

Upcoming Deadlines for Private Funds that Trade Swaps

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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

Skadden, Arps, Slate, Meagher & Flom LLP

"New CFTC Swap Clearing Rules to Require Board Review and Approval of the Election to Rely on the 'Commercial End-User Exception'"

New Commodity Futures Trading Commission (CFTC) swaps clearing rules will force non-financial entities to stop uncleared trading of certain interest-rate swaps (IRS) and index credit default swaps (index CDS) starting on...more

Foley Hoag LLP

Reminder: Upcoming Deadlines for Clearing Requirements for Certain Swaps

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Investment managers who use swaps on behalf of their clients (including funds) are reminded that the phase-in for mandatory clearing of certain types of swaps has begun. Investment managers should be analyzing (a) the types...more

Orrick - Finance 20/20

High Court Case on Mis-selling of Interest Rate Swaps

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On December 21, 2012, the High Court decided an alleged mis-selling of interest rate swaps case in favour of the defendant, RBS....more

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