In the wake of significant market discussion, the CFTC has proposed an amendment to Part 37 of the Commission’s regulations to eliminate the practice of “post-trade name give-up” for swaps traded on certain swap execution...more
3/10/2020
/ Amended Rules ,
CFTC ,
Commodities ,
Commodities Traders ,
Derivatives ,
Give-Up Release ,
Popular ,
Public Comment ,
Rulemaking Process ,
Swap Execution Facilities ,
Swaps
The Commodity Futures Trading Commission (CFTC) has issued three no-action letters providing relief for swap transactions (and amendments to swap transactions) in connection with the expected market transition from using the...more
2/19/2020
/ Alternative Reference Rates Committee (ARRC) ,
CFTC ,
De Minimus Quantity Exemption ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
Market Participants ,
No-Action Letters ,
No-Action Relief ,
Risk Free Rates (RFRs) ,
Swap Dealers ,
Swaps ,
Transitional Arrangements
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) announced on Wednesday, February 5th, that they will stop accepting LIBOR-indexed adjustable-rate mortgages...more
At the end of December, the New York Department of Financial Services (the NYDFS) published an industry letter to regulated institutions regarding LIBOR cessation. The NYDFS is requiring that each “regulated institution”...more
As a further step towards the implementation of its security-based swap regime, the Securities and Exchange Commission (SEC) has adopted a number of long-awaited capital, margin and segregation requirements for security-based...more
11/14/2019
/ Broker-Dealer ,
Capital Requirements ,
CFTC ,
Dodd-Frank ,
Final Rules ,
Margin Requirements ,
MSBSPs ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Segregation Requirements ,
Swap Dealers
The United States is the largest financial services market in the world. For an international business, expanding operations to the U.S. can facilitate capital-raising efforts, provide access to one of the world’s deepest...more
10/24/2019
/ Blockchain ,
Broker-Dealer ,
Business Formation ,
Capital Raising ,
Data Privacy ,
Distributed Ledger Technology (DLT) ,
Emerging Growth Companies ,
Entrepreneurs ,
Financial Markets ,
FinTech ,
Fund-raising ,
Global Marketplace ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Limited Liability Company (LLC) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Startups ,
Venture Capital
Federal Reserve Chairman Jerome Powell gave a speech on Tuesday, October 8, that touched upon recent events in the repo market. We discuss below certain aspects of this speech in the context of the market discussion regarding...more
SOFR – the secured overnight funding rate in USD – is a rate published by the New York federal reserve based upon secured overnight transactions in the repo market. It is of increasing importance, since it has been regarded...more
The Securities and Exchange Commission (SEC) continues to take steps toward implementation of its security-based swap (SBS) dealer registration framework. A particular area of concern for market participants has been how the...more
9/4/2019
/ CFTC ,
Cross-Border Transactions ,
Disqualification ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Foreign Financial Accounts ,
Market Participants ,
Registration Requirement ,
Regulatory Agenda ,
Rulemaking Process ,
Rules of Practice ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Security-Based Swaps ,
Swap Dealers ,
Threshold Requirements
On August 28, 2019, the U.S. Department of Treasury submitted proposed regulations on the tax consequences related to the phased elimination of interbank offered rates (the “Proposed Regulations”) to the Office of Management...more
The Commodity Futures Trading Commission (CFTC) has proposed a series of changes to its general regulations governing derivatives clearing organizations (DCOs). The CFTC has stated that the proposed amendments are intended to...more
The Commodity Futures Trading Commission (CFTC) has proposed the first installment of a series of amendments to its rules relating to swap data repositories (SDRs) and reporting of swap data. The proposed amendments, which...more
On May 2, 2019, the Board of Governors of the Federal Reserve System Board proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991...more
On March 6, 2019, the International Swaps and Derivatives Association (ISDA) published proposed amendments to the 2014 ISDA Credit Derivatives Definitions relating to so-called narrowly tailored credit events (NTCEs). ISDA...more
While funding in the fintech space has skyrocketed over the past several years, many women in the space are still struggling to find a seat at the table, a trend seen throughout the startup landscape....more
On February 12, 2019, the Commodity Futures Trading Commission (CFTC) published the 2019 examination priorities for its Division of Market Oversight (DMO), Division of Swap Dealer & Intermediary Oversight (DSIO) and Division...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
2/6/2019
/ CFTC ,
Comment Period ,
Commodity Exchange Act (CEA) ,
Designated Contract Markets (DCMs) ,
Dodd-Frank ,
Mandatory Clearing Requirements ,
Market Participants ,
Proposed Amendments ,
Registration Requirement ,
Regulatory Agenda ,
Regulatory Oversight ,
SEFs ,
Swap Clearing ,
Swaps
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/8/2018
/ Banking Sector ,
Competition ,
Consultation ,
Corporate Governance ,
Derivatives ,
Enforcement ,
EU ,
Financial Services Industry ,
FinTech ,
Investment Funds ,
MiFID II ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/5/2018
/ Banking Sector ,
BSA/AML ,
Competition ,
Corporate Governance ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
10/22/2018
/ Consultation ,
Corporate Governance ,
Derivatives ,
EU ,
Financial Services Industry ,
FinTech ,
Investment Funds ,
Prudential Regulation Authority (PRA) ,
Securities ,
UK ,
UK Brexit
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
9/28/2018
/ Consumer Protection Laws ,
Corporate Culture ,
Derivatives ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
MiFID II ,
Payment Systems ,
Prudential Standards ,
Securities ,
UK
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
9/24/2018
/ AML/CFT ,
Banking Sector ,
Corporate Governance ,
EU ,
Financial Institutions ,
FinTech ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit