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European Union › Swaps › Derivatives

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Foley Hoag LLP

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

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Investment Advisers - ANNUAL COMPLIANCE REVIEWS - All investment advisers registered with the Securities and Exchange Commission (“SEC”) or at the state level are required to review their compliance policies and procedures...more

Dechert LLP

EMIR Alert: Margin Clarity Ahead

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Earlier this month, the ESAs published a final report on proposed updates to the existing EMIR margin rules (the “Margin RTS Updates”). Although not yet final, the absence of a public consultation and fast approaching...more

Kramer Levin Naftalis & Frankel LLP

ISDA Implements Changes to the Credit Derivatives Definitions

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In a continuing effort to address the advent of narrowly tailored credit events (NTCEs) in the CDS market, ISDA is now preparing for the implementation of the changes designed to deter market participants from running these...more

Latham & Watkins LLP

US-EU Margin Rules Reference Guide

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This updated guide lays out the margin requirements for uncleared derivative transactions in a user-friendly comparative table. ...more

Latham & Watkins LLP

US-EU Margin Rules Reference Guide

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This updated guide lays out the margin requirements for uncleared derivative transactions in a user-friendly comparative table. ...more

Jones Day

AFG Supports New ISDA French Law Documentation

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The endorsement of Europe's largest asset management association should promote use of the new 2002 ISDA Master Agreement (French law) on the European OTC derivatives market....more

Jones Day

Ziggo: Another Definitional Split in the Credit Default Swap Market

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A recent decision reminds credit swap market participants that thorough knowledge of the documentation and definitions relating to a particular credit default swap is critical....more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Significant Regulatory, Jurisdictional and Enforcement Challenges Ahead for CFTC

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In 2018, the Commodity Futures Trading Commission (CFTC or Commission) began operating with a full complement of five commissioners for the first time since 2014. Soon thereafter, it held a rare open meeting to propose major...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on NFA Compliance Updates for CPOs and Swaps, and Brexit and No-Deal...

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BROKER-DEALER - FINRA Issues Report on Examination Findings - This month, the Financial Industry Regulatory Authority (FINRA) issued a report summarizing various findings from recent examinations of its member firms...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on Smart Contracts, Updates to Uncleared Swap Margin Requirements and...

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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

Jones Day

SIDRU Judgment: Hedging Transaction Not Rendered Speculative Even if It Exposes Party to Unlimited Risk

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The Context: In the wake of the Saint-Leu-la-Forêt decision of May 28, 2018, France's Court of Cassation issued an important decision on structured swaps concerning legal actions brought by public authorities against banks...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Central Bank publishes twenty-third edition of UCITS Q&A - The Central Bank published the 23rd Edition of the Central Bank UCITS Q&A on 5 July 2018. A new question, ID 1002, in relation to UCITS investing in non-UCITS...more

Orrick, Herrington & Sutcliffe LLP

Derivatives In Review - February 2018

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English Supreme Court Brings an End to Dexia - Prato Swap Dispute - On January 18, the English Supreme Court refused to grant Comune di Prato, an Italian local authority with responsibility for the municipality of Prato in...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker-Dealer, Derivatives and UK/EU Developments

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SEC/CORPORATE - SEC Approves NYSE Rule to Facilitate Listing Without an IPO - On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Updates on Virtual Currency Regulation, Alternatives to Libor and Fallout From Brexit

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In 2017, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo made clear he will strive to improve, not abolish, many reforms the CFTC adopted to implement the Dodd-Frank Act’s mandate for new...more

Orrick - Finance 20/20

CFTC Approves Exemption from SEF Registration Requirement for Multilateral Trading Facilities and Organized Trading Facilities...

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On December 8, 2017, the Commodity Futures Trading Commission (“CFTC“) announced the issuance of an order exempting certain multilateral trading facilities and organized trading facilities authorized within the European Union...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC and European Commission Implement Common Approach on Certain Derivatives Trading Venues

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Both U.S. and European Union (EU) law require that certain swaps and derivatives trades take place only on approved trading platforms. On October 13, 2017, Commodity Futures Trading Commission (CFTC or Commission) Chairman J....more

Skadden, Arps, Slate, Meagher & Flom LLP

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

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Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more

Cadwalader, Wickersham & Taft LLP

English Court of Appeal Confirms Primacy of Choice of Governing Law Clause in ISDA Master Agreements

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On 15 June 2017 the English Court of Appeal handed down a significant judgment in Dexia Crediop S.p.A. v Comune di Prato. The Court’s unanimous judgment confirmed that the nature of an agreement made pursuant to an ISDA...more

Orrick, Herrington & Sutcliffe LLP

Derivatives In Review - May 2017

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CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more

A&O Shearman

European Securities and Markets Authority Publishes Initial Proposals on the Trading Obligation under MiFIR

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The European Securities and Markets Authority published a discussion paper on the trading obligation for derivatives under the Markets in Financial Instruments Regulation. The trading obligation is applicable to classes of...more

Latham & Watkins LLP

CFTC Uncleared Swap Margin Rules to Take Effect in September

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While the US gears up for compliance with uncleared swap margin rules, cross-border application of the CFTC rules remains unclear. The US Commodity Futures Trading Commission (the CFTC) finalized its margin requirements...more

Morgan Lewis

Current Status of the Clearing Obligation Under EMIR

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Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

Dechert LLP

Confirmed Start Dates for Clearing Under EMIR

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Commission Delegated Regulation (EU) 2015/2205 (the “Regulation”) supplementing the European Markets Infrastructure Regulation (“EMIR”) was published on 1 December in the Official Journal of the European Union....more

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