News & Analysis as of November 17, 2024

Financial Markets

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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 -

A Decade-Long Death of Footnote 195

Cadwalader, Wickersham & Taft LLP on 5/6/2024

Sometimes a small footnote (which technically is not even a part of the official Federal rule) may have an outsize impact on the rule itself. In 2013, subsequent to the enactment of the Dodd Frank Act of 2010, the Commodity...more

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

CFTC Extends Phase 5 Compliance Date for Its Initial Margin Rules and Proposes More Regulatory Flexibility for Non-US Commodity...

Skadden, Arps, Slate, Meagher & Flom LLP on 6/4/2020

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

Corporate & Financial Weekly Digest, Featuring Articles on CFTC Approves Final and Proposed Rules on Rulemaking and Capital...

Katten Muchin Rosenman LLP on 12/16/2019

BROKER-DEALER - SEC Issues Guidance on Substituted Compliance Applications by Non-US Security-Based Swap Dealers and Major Security-Based Swap Participants - On November 25, the Securities and Exchange Commission’s...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

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 2/24/2017

Financial Industry Developments - New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation - On February 16, 2017, the New York Department of Financial Institutions...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 12/16/2016

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Guide to U.S. Variation Margin Documentation for Financial End Users

Holland & Knight LLP on 11/21/2016

The scheduled implementation date applicable for most financial end users for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules is March 1, 2017. In most cases, the U.S....more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 10/28/2016

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...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

CFTC Issues Fourth Penalty for Inaccurate Large Trader Reporting of Swaps

Cadwalader, Wickersham & Taft LLP on 10/3/2016

On September 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) issued a fourth penalty for violations of its Swaps Large Trader Reporting (“Swaps LTR”) rule. This time, the penalty was...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

CFTC Staff Issues Final Swap Dealer De Minimis Exception Report

Cadwalader, Wickersham & Taft LLP on 8/18/2016

On August 15, 2016, Staff of the U.S. Commodity Futures Trading Commission (“CFTC”) published a final report regarding the de minimis exception from swap dealer registration (“Staff De Minimis Report”). The Staff De Minimis...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

SEC Amends Rules on Security-Based Swap Reporting

Orrick, Herrington & Sutcliffe LLP on 8/1/2016

On July 13, 2016, the Securities Exchange Commission (“SEC”) approved certain amendments and guidance to the rules governing the reporting and public dissemination of security-based swaps (“SBS”), known as “Regulation SBSR,”...more

CFTC Issues $560,000 Penalty for Inaccurate Large Trader Reporting of Swaps

Cadwalader, Wickersham & Taft LLP on 7/12/2016

On July 6, 2016, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) fined Barclays Bank PLC (“Barclays”) $560,000 for inaccurate large trader reporting of swaps positions. This is the third and largest...more

Derivatives in Review - April 2016

Orrick, Herrington & Sutcliffe LLP on 4/22/2016

Novo Banco and CDS – A Post-Mortem - The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more

Banking Regulators Adopt End-User Exemption for Swap Margin Requirements

Stinson - Corporate & Securities Law Blog on 10/23/2015

New Margin Requirements - The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse. This action is...more

Cybersecurity Update: National Futures Association Proposes Cybersecurity Guidance Setting Forth General Requirements for Member...

K&L Gates LLP on 9/10/2015

The National Futures Association (“NFA”) submitted to the Commodity Futures Trading Commission (“CFTC”) on August 28, 2015 a proposed Interpretive Notice (“Proposed Guidance”) for CFTC’s approval, which provides guidance to...more

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