The Bitcoin Marketplace and Regulatory Environment:  An Overview

Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making pronouncements, and taking enforcement actions related to bitcoin.  This article outlines significant firms and products in the bitcoin space and summarizes the general state of bitcoin regulation. 

English Court Addresses Derivatives Close-outs

The High Court of Justice, Queen's Bench Division, Commercial Court, issued an opinion that addressed several issues regarding the calculation of early termination amounts under a standard derivatives master agreement, as well as the calculation of default interest under the master agreement.  The decision provides a point of reference for how one court viewed the calculation of early termination damages and calculations for default interest under derivatives master agreements.

SFIG Provides Comment Letter on Re-Proposed Margin Rules for Uncleared Swaps

The Structured Finance Industry Group submitted a comment letter to the Board of Governors of the Federal Reserve System and other prudential regulators and to the CFTC relating to proposed margin requirements for securitization transaction swaps. The comment letter highlights the challenges that the securitization industry would face if such requirements were imposed and, among other things, argues that variation margin is unnecessary because substantial overcollateralization and priority of payment requirements already address swap counterparty credit concerns that such margin is intended to address.  

2014 NLJ Regulatory and Compliance Summit: "Virtual Currency: Regulators Consider Bitcoin Regulation" 

Audio of the panel discussion, moderated by Nikiforos Mathews, Washington, DC, December 2.​​​