Donna Parisi on Derivatives

CRT and SRT trades: an introductory guide for issuers and investors - June 2024

Our new report provides a practical introduction to credit risk transfer (CRT) and significant risk transfer (SRT) trades. It is a comprehensive starting point for new issuers, investors and other stakeholders. While CRT...more

6/20/2024 / Capital Markets , Creditors , Derivatives , Digital Markets Strategy , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Investment , Investors , Regulatory Agenda , Regulatory Requirements , Securities

New ARRC Recommendations for Loans and Spread Adjustments in Light of LIBOR Transition

On June 30, 2020, the Alternative Reference Rates Committee (ARRC) released a series of updates concerning fallbacks and conventions for new variable rate private student loans and syndicated loans, as well as the results of...more

7/16/2020 / Alternative Reference Rates Committee (ARRC) , Derivatives , Libor , Secured Overnight Funding Rate (SOFR)

ARRC Announces Best Practices for Completing Transition from LIBOR

On May 27, 2020, the Alternative Reference Rates Committee (ARRC) published best practices for completing the financial industry’s transition away from U.S. dollar (USD) LIBOR. With 19 months remaining before the anticipated...more

6/12/2020 / Alternative Reference Rates Committee (ARRC) , Best Practices , Derivatives , Interest Rates , Libor , Loans , Secured Overnight Funding Rate (SOFR)

ISDA Announces Preliminary Results of Pre-Cessation Fallback Consultation for Derivatives Referencing Libor

On April 15, 2020, the International Swaps and Derivatives Association (ISDA) released the preliminary results of its consultation on the implementation of pre-cessation fallback language for derivatives referencing LIBOR....more

4/27/2020 / Derivatives , ISDA , Libor

COVID-19: Derivatives Implications

The outbreak of the novel coronavirus COVID-19 has implications for derivatives contracts. For example, some companies are asserting that the reported disruptions in the global supply-chain and travel restrictions constitute...more

3/12/2020 / Business Interruption , Contract Terms , Coronavirus/COVID-19 , Cross-Border Transactions , Derivatives , Force Majeure Clause , Infectious Diseases , ISDA , ISDA Master Agreement , Supply Chain , Travel Restrictions

ISDA Issues Consultation on Pre-Cessation Fallback Provisions to Facilitate LIBOR Transitioning

On February 25, 2020, the International Swaps and Derivatives Association (ISDA) launched a new consultation on how to implement pre-cessation fallback language into derivatives agreements. Responses are due by no later than...more

3/11/2020 / Derivatives , Financial Conduct Authority (FCA) , FSB , ICE Benchmark Administration (IBA) , ISDA , Libor , Swaps

CFTC Approves Proposed Rule on Post-Trade Name Give-Up on Swap Execution Facilities

In the wake of significant market discussion, the CFTC has proposed an amendment to Part 37 of the Commission’s regulations to eliminate the practice of “post-trade name give-up” for swaps traded on certain swap execution...more

3/10/2020 / Amended Rules , CFTC , Commodities , Commodities Traders , Derivatives , Give-Up Release , Popular , Public Comment , Rulemaking Process , Swap Execution Facilities , Swaps

SOFR Surge Event: What Just Happened?!

SOFR – the secured overnight funding rate in USD – is a rate published by the New York federal reserve based upon secured overnight transactions in the repo market. It is of increasing importance, since it has been regarded...more

9/19/2019 / Banking Sector , Benchmarks , Capital Markets , Derivatives , Financial Conduct Authority (FCA) , Financial Services Industry , Interest Rates , Libor , Secured Overnight Funding Rate (SOFR) , UK

Tax Guidance on the Transition From Interbank Offered Rates Under OIRA Review

On August 28, 2019, the U.S. Department of Treasury submitted proposed regulations on the tax consequences related to the phased elimination of interbank offered rates (the “Proposed Regulations”) to the Office of Management...more

9/3/2019 / Benchmarks , Debt Instruments , Derivatives , Income Taxes , Inter-Bank Offered Rates (IBORs) , IRS , Libor , Memorandum of Agreement , Proposed Regulation , U.S. Treasury

CFTC Proposes Amendments to DCO Core Principle Regulations

The Commodity Futures Trading Commission (CFTC) has proposed a series of changes to its general regulations governing derivatives clearing organizations (DCOs). The CFTC has stated that the proposed amendments are intended to...more

7/3/2019 / CFTC , Commodity Exchange Act (CEA) , Derivatives , Derivatives Clearing Organizations , Major Swap Participants , Proposed Amendments , Public Comment , Risk Management , Risk Mitigation , Swaps

Federal Reserve Proposes Broadened Application of FDICIA Netting Provisions

On May 2, 2019, the Board of Governors of the Federal Reserve System Board proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991...more

5/16/2019 / Banking Sector , Board of Governors , Comment Period , Derivatives , Federal Reserve , Financial Institutions , Foreign Banks , Statutory Interpretation , Swap Dealers