On May 28, 2020, the Commodity Futures Trading Commission (CFTC or Commission) unanimously approved an interim final rule extending the Phase 5 compliance date for the Commission’s initial margin rules (Interim Final Rule)...more
On March 24, 2020, the Commodity Futures Trading Commission (CFTC or Commission) voted unanimously to adopt an interpretation of the term “actual delivery” with respect to retail virtual currency transactions (2020 Guidance)....more
4/8/2020
/ Actual Delivery ,
Amended Rules ,
CFTC ,
Commodities ,
Coronavirus/COVID-19 ,
Enforcement ,
Futures ,
Leveraged Lending ,
Margin Requirements ,
Retail Investors ,
Swaps ,
Virtual Currency
In recent days, the Securities and Exchange Commission (SEC) announced a no-action position on enforcing its 2016 Business Conduct Standards against security-based swap dealers (SBSDs) and major security-based swap...more
11/12/2018
/ Capital Requirements ,
CFTC ,
Cross-Border Transactions ,
Dodd-Frank ,
Margin Requirements ,
No-Action Letters ,
Public Comment ,
Request For Information ,
SBSD ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers ,
Title VII ,
Variation Margin Requirements (VM)
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
7/27/2018
/ CFTC ,
Consultation Periods ,
Covered Swap Entities (CSE) ,
Derivatives ,
End-Users ,
ISDA ,
Margin Requirements ,
New Guidance ,
Over-the-Counter Sales ,
Prudential Regulation Authority (PRA) ,
SIFMA ,
Swap Dealers ,
Swaps ,
Variation Margin Requirements (VM)
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
10/19/2017
/ Capital Markets ,
CFTC ,
Cross-Border Transactions ,
Derivatives ,
Designated Contract Markets (DCMs) ,
EMIR ,
European Commission ,
Financial Markets ,
International Harmonization ,
Margin Requirements ,
MiFID ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
SEFs ,
Swap Dealers ,
Swaps ,
Uncleared Swaps
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
2/27/2017
/ CFTC ,
Deadlines ,
EU ,
European Supervisory Authorities (ESAs) ,
Federal Bank Regulatory Agencies ,
Financial Conduct Authority (FCA) ,
IOSCO ,
Margin Requirements ,
No-Action Relief ,
Prudential Regulation Authority (PRA) ,
Security-Based Swaps ,
Swaps ,
Time Extensions ,
UK ,
Uncleared Swaps ,
Variation Margin Requirements (VM)
Swaps transactions, virtually unregulated before the 2008 financial crisis, are regulated in the U.S. under Title VII of the Dodd-Frank Act. Title VII empowers the Commodity Futures Trading Commission (CFTC), for most swaps,...more
Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more
1/20/2017
/ Algorithmic Trading ,
CFTC ,
Commodities ,
Commodity End-User Relief Act ,
Commodity Futures Contracts ,
Cross-Border Transactions ,
Derivatives ,
Dodd-Frank ,
Mandatory Clearing Requirements ,
Margin Requirements ,
Proposed Legislation ,
Swaps
On March 1, 2017, new rules adopted by U.S. Prudential Regulators and the Commodity Futures Trading Commission (CFTC) will require registered swap dealers to post and collect daily variation margin for over-the-counter,...more
On August 2, 2016, federal banking regulators (Prudential Regulators) adopted a final rule (PR Margin Exemptions) implementing exemptions from the Prudential Regulators’ impending initial and variation margin requirements for...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
Federal banking regulators (Prudential Regulators) have finalized much-anticipated rules (Final Rules) relating to initial and variation margin requirements for certain swaps and security-based swaps that are not centrally...more
11/3/2015
/ Affiliates ,
CFTC ,
Commercial End-User Exception ,
Compliance Dates ,
Covered Swap Entities (CSE) ,
Cross-Border ,
Customer Collateral Requirements ,
Derivatives ,
Final Rules ,
Investment Management ,
Margin Requirements ,
Non-Cleared Swaps ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swaps
The Commodity Futures Trading Commission (CFTC) recently proposed rules1 to address the cross-border application of margin requirements for uncleared swaps for swap dealers and major swap participants not subject to...more
Federal banking regulators (the Prudential Regulators) have re-proposed regulations to require certain dealers and major participants in the swap and security-based swap markets to collect initial and variation margin for...more
The Commodity Futures Trading Commission (CFTC or Commission) recently adopted several rules to improve large trader reporting, facilitate segregation of customer swap margin and enhance customer protections for futures and...more
11/13/2013
/ CFTC ,
Commodity Exchange Act (CEA) ,
Customer Funds Protection ,
Derivatives Clearing Organizations ,
Dodd-Frank ,
Futures Commission Merchants (FCMs) ,
Major Swap Participants ,
Mandatory Clearing Requirements ,
Margin Requirements ,
Reporting Requirements ,
Segregation Requirements ,
Swap Dealers ,
Swaps