News & Analysis as of September 21, 2024

Swaps

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Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules. less -

Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges

Cadwalader, Wickersham & Taft LLP on 3/3/2023

In response to changes in business practices, regulations and laws eventually change, too. During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more

Key Takeaways: CFTC's FY 2021 Swap Dealers Enforcement Actions

Katten Muchin Rosenman LLP on 12/8/2021

In Fiscal Year 2021 (FY 2021), the Commodity Futures Trading Commission (CFTC) brought and settled five enforcement actions against swap dealers for alleged reporting, disclosures and supervision failures. Historically, the...more

ISDA Publishes Dodd-Frank Security-Based Swap Protocol

Goodwin on 3/25/2021

On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more

Know Your Limits: The CFTC Adopts Position Limits for Derivatives Related to Energy, Agriculture, and Metals Products

K&L Gates LLP on 11/4/2020

INTRODUCTION - The Commodity Futures Trading Commission (CFTC) recently voted 3–2, along party lines, to approve a final rule (Final Rule) regarding position limits for certain futures contracts and economically equivalent...more

Final rule: The CFTC clarifies the extraterritorial application of cross-border derivatives regulation – implications for the buy...

Hogan Lovells on 9/25/2020

On 14 September 2020, the Commodity Futures Trading Commission (CFTC) published a final rule in the Federal Register entitled "Cross Border Application of the Registration Thresholds and Certain Requirements Applicable to...more

A Farewell to ANE: CFTC Proposes Rule to Improve Regulation of Cross-Border Swap Transactions

K&L Gates LLP on 3/6/2020

I. INTRODUCTION - The Commodity Futures Trading Commission (“CFTC” or “Commission”) recently approved a proposed rule (the “Proposed Rule”) to improve the regulation of cross-border swap transactions and establish a formal...more

The CFTC Proposes New Rules Walking Back Its Maximalist Cross-Border Swaps Regulatory Approach

Katten Muchin Rosenman LLP on 3/4/2020

Key Points - The Commodity Futures Trading Commission (CFTC) has proposed new rules (Proposal) for the cross-border application of certain of its swap regulations. - The Proposal includes certain changes relative to the...more

The CFTC Proposes a New Approach to Federal Position Limits -- Will This One Stick?

Bracewell LLP on 2/6/2020

At its open meeting held on January 30, 2020, the Commodity Futures Trading Commission (“CFTC” or “the Commission”) approved a proposed rulemaking to institute federal position limits in an effort to prevent excessive...more

CFTC Issues No-Action Relief for Derivatives Market IBOR Transition

Latham & Watkins LLP on 1/24/2020

While not unlimited, the relief is welcome for counterparties seeking to transition to risk-free rates for legacy swaps. The US Commodity Futures Trading Commission (CFTC) has issued no-action relief to help market...more

CFTC Ends 2019 with Rulemaking Flurry

WilmerHale on 1/8/2020

The Commodity Futures Trading Commission (CFTC or Commission) at year-end issued one final and two proposed rulemakings. The proposed rules are potentially significant for all swap market participants, and the final rules are...more

Corporate & Financial Weekly Digest, Featuring Articles on the Latest Swap Regulations and Position Limits

Katten Muchin Rosenman LLP on 9/23/2019

DERIVATIVES - See also “CFTC Extends Public Comment Period for Proposed Rules Pertaining to Cross-Border Clearing” and “CFTC and European Commission Issue Joint Statement Following Meeting on Cross-Border Derivatives...more

ISDA Implements Changes to the Credit Derivatives Definitions

Kramer Levin Naftalis & Frankel LLP on 8/14/2019

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

US Commodity Futures Trading Commission Provides Margin Relief for Legacy Swaps

A&O Shearman on 6/25/2019

In response to a request from the International Swaps and Derivatives Association, the Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight issued no-action relief that will permit swap...more

CFTC Proposes Additional Swap Data Reporting Requirements

WilmerHale on 5/23/2019

The Commodity Futures Trading Commission (CFTC) is proposing a significant, new reporting burden on swaps reporting parties and on swaps data repositories (SDRs). The proposal would impose new requirements on SDRs to verify...more

The Delta Report - Derivatives Newsletter - March 2019: CFTC Chairman Authors White Paper on Cross-Border Swaps Regulation Version...

White & Case LLP on 4/3/2019

On October 1, 2018, Chairman J. Christopher Giancarlo of the Commodity Futures Trading Commission ("CFTC") published a white paper entitled "Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to...more

CFTC Staff No-Action Relief Allowing Additional Swap Activity for a Bank Relying on the IDI Exclusion from Swap Dealer...

Polsinelli on 8/31/2018

On August 28, 2018, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) released a staff no-action letter allowing an anonymous individual financial institution...more

Final Phases of Initial Margin Requirements for Uncleared Swaps Expected to Spark Additional Margin Compliance Efforts

Skadden, Arps, Slate, Meagher & Flom LLP on 7/27/2018

On July 19, 2018, the International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) published a white paper entitled "Initial Margin for Non-Centrally Cleared...more

A Corporate End User’s Handbook for Dodd-Frank Derivatives Compliance

A&O Shearman on 1/31/2018

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), signed into law on July 21, 2010, was the largest overhaul of the U.S. derivatives market in history. While there are still a few parts of Dodd-Frank...more

CFTC and European Commission Make Progress on Cross-Border Agreements

Skadden, Arps, Slate, Meagher & Flom LLP on 10/19/2017

On October 13, 2017, the Commodity Futures Trading Commission (CFTC) announced two cross-border developments with the European Commission (EC) that take significant steps toward reconciling regulation of cross-border...more

Derivatives In Review - May 2017

Orrick, Herrington & Sutcliffe LLP on 5/5/2017

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

"CFTC Proposes Rules to Count Cross-Border Swaps for Swap-Dealer Thresholds and Other Requirements"

Skadden, Arps, Slate, Meagher & Flom LLP on 10/24/2016

The CFTC’s newly proposed rules on cross-border transactions address which swap activities affect swap-dealer thresholds and trigger transaction-level swap requirements. These are the latest in a series of CFTC rulemakings,...more

Derivatives In Review - October 2016

Orrick, Herrington & Sutcliffe LLP on 10/20/2016

CFTC Delays Reduction in Swap Dealer De Minimis Exception Threshold - On October 13, 2016, the Commodity Futures Trading Commission approved an Order delaying for one year the reduction of the threshold for determining...more

A step closer - The SEC still has some work to do to finalise its framework for SBS dealer registration but firms are already...

Morrison & Foerster LLP on 8/30/2016

More than six years after the enactment of the Dodd-Frank Act, and more than three years after the US Commodity Futures Trading Commission (CTFC) required swap dealers to register in accordance with Title VII of that Act, it...more

ISDA Launches 2016 Variation Margin Protocol to Facilitate Compliance With Margin Rules

McGuireWoods LLP on 8/24/2016

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol will help market participants implement the new variation...more

Derivatives in Review - July 2016

Orrick, Herrington & Sutcliffe LLP on 8/2/2016

An Overview of Proposed Regulation AT - Orrick attorneys authored an overview of Regulation Automated Trading (known as "Regulation AT") proposed by the Commodity Futures Trading Commission ("CFTC") in the May/June 2016...more

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