Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more
On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol is intended as a tool to help market participants that will...more
This note discusses the MiFID II regime for access by financial institutions located outside the EU to EU customers and markets. Full harmonisation of the access regime for third country firms has not been achieved. Instead...more
Our first installment on the CFTC’s proposed margin rules (Margin Rules) for uncleared swaps addressed the importance of the “financial end user” definition and making certain notional calculations. Our second and third...more
On May 26, the UK Prudential Regulation Authority (PRA) published a consultation paper to require PRA-supervised firms covered by the EU Bank Resolution and Recovery Directive (BRRD) to include in their contractual agreements...more