ISDA published its first "Risk Free Rates Adoption Monthly Indicator." The new report tracks how much trading activity is being conducted "in cleared over-the-counter and exchange-traded interest rate derivatives that reference the identified risk-free rates in six major currencies."
ISDA, the Asia Securities Industry and Financial Markets Association, the FIA, the Global Foreign Exchange Division and the Global Financial Markets Association recommended significant reforms to the European Union Benchmarks Regulation.
A diverse group of commercial and financial trade associations urged the Federal Reserve Board to provide guidance on the recently implemented Paycheck Protection Program and other lending facilities established under the Coronavirus Aid, Relief and Economic Security Act.
ISDA, the Global Financial Markets Association and the Institute of International Finance offered recommendations on the Bank for International Settlements Basel Committee's proposed revisions to the bank regulatory credit valuation adjustment risk framework.
ISDA highlighted separate economic analyses on: (i) trends in the credit default swaps market, (ii) clearing networks and central counterparties stress testing, and (iii) the cost effects of clearing fragmentation.
The American Banking Association, SIFMA and the Institute of International Bankers proposed revisions to a Federal Reserve Board proposal to modify its regulations for determining "whether a company has the ability to exercise a controlling influence" on another company.
Trade associations urged U.S. regulators to provide guidance on implementing BCBS-IOSCO recommended exemptions from swaps margin requirements where the amounts to be transferred are below relevant thresholds.
SIFMA recommended a new approach to strengthen cross-border cooperation among regulators to "enhance the coherence of their respective regulations" and "enshrine cooperation within legally binding trade agreements."