The CFTC has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a Swap Execution Facility (SEF) and are intended to be cleared. Although the...more
CFTC Also Proposes Amendments to Help Non-U.S. CPOs and Extends its Uncleared Swap Margin Phase-In Schedule - During the period from late May 2020 through early June 2020, the Commodity Futures Trading Commission held...more
The US Commodity Futures Trading Commission has approved an interim final rule extending the Phase 5 initial margin compliance deadline for uncleared swaps by one year....more
On December 18, 2019, the Securities and Exchange Commission (the SEC or Commission) adopted new rules pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the...more
On December 18, 2019, the SEC adopted certain rule amendments to enhance the framework for regulating cross-border security-based swaps. Through this effort, the SEC established a broad security-based swap regulatory regime...more
SUMMARY - Swap dealers (“SDs”) are required to post and collect initial margin (“IM”) for uncleared swaps with other SDs and counterparties that are financial end users with “material swap exposure” (“MSE”) in accordance...more
On March 25, the CFTC adopted and requested comments on an interim final rule designed to provide greater regulatory certainty to global derivatives markets in the event of a “no-deal Brexit.” ...more
On March 28, 2019, the CTFC approved final rule amendments that simplify registrants’ obligations in regulations governing the segregation of assets held as collateral in uncleared swap transactions and in a self-regulatory...more
On March 27, 2019, the CFTC approved a comparability determination of Australia’s margin requirements for uncleared swaps, finding the requirements comparable to U.S. requirements for substituted compliance purposes. ...more
On March 26, the CFTC approved an amended comparability determination that would extend the substituted compliance permitted for Japan’s margin requirements for uncleared swaps with respect to the scope of entities subject to...more
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
On September 7, 2017, ISDA launched a new version of its standard initial margin model (SIMM), ISDA SIMM Version 2.0, which includes a full recalibration of risk factors as well as: New risk factors for three product...more
On February 23, 2017, U.S. federal banking regulators (Prudential Regulators), European regulators and the International Organization of Securities Commissions (IOSCO) issued statements clarifying their expectations on...more
On May 24, 2016, the Commodity Futures Trading Commission (CFTC) adopted final rules (cross-border margin rules) that specify how its recently issued uncleared margin rules apply to cross-border transactions. Chairman Timothy...more
U.S. bank regulators recently adopted final rules establishing initial and variation margin requirements for uncleared swaps (Final Margin Rules). These rules apply to regulated entities such as banks and subsidiaries of bank...more
In the almost six years since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the US Commodity Futures Trading Commission (CFTC) has, in large part, finalized its rulemakings...more
No-action relief confirms that non-US asset managers may rely on an exemption from CFTC registration when trading uncleared swaps in the United States for the accounts of their non-US clients, an issue that had been in doubt...more
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
The U.S. Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief on February 12, 2016 to commodity pool operators (CPOs) and commodity trading advisors...more
The U.S. Commodity Futures Trading Commission (CFTC) approved on December 16 final rules (Final Rules) on margin requirements for over-the-counter uncleared swaps entered into by CFTC-registered swap dealers (SDs) and major...more
On October 22, the US prudential regulators (the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve, Comptroller of the Currency, Farm Credit Administration and Federal Housing Finance Agency)...more
Proposed Automated Trading Rule by CFTC Likely to Follow Already Existing Best Practices; SEC Also Contemplating New Measures - In two speeches last week, Timothy Massad, Chairman of the Commodity Futures Trading...more
On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps and (ii) an interim final rule to...more
In our first installment on the CFTC’s proposed margin rules (Margin Rules) for uncleared swaps, we discussed the importance of applying the “financial end user” definition and making related notional calculations. In our...more
To clarify our intended audience, in the Financial Entity Update we will address issues germane to entities that trade swaps but are neither dealers nor commercial end users. This includes a broad and diverse group of...more