The OCC, Federal Reserve Board, FDIC, Farm Credit Association, and Federal Housing Finance Agency jointly adopted an interim final rule to delay the compliance dates for initial margin requirements.
The Committee on Payments and Market Infrastructures and IOSCO recommended practices that central counterparties might consider in "the development of, and improvements to, default management auction rules, governance arrangements" and related procedures.
The CFTC voted unanimously to adopt amendments to the exception from clearing for swaps between affiliates, in effect codifying previously existing no-action relief.
The FDIC adopted a series of amendments to its swap margin rules, including for LIBOR transition, inter-affiliate initial margin and the extension of compliance dates.
NFA extended relief previously provided to futures commission merchants / introducing brokers, swap dealers and forex dealer members from certain recordkeeping requirements.
The European Commission proposed three draft delegated acts concerning supervision of third-country central counterparties by the European Securities and Markets Authority.
The CFTC voted to adopt an interim final rule to delay the implementation of "Phase Five" initial margin requirements for uncleared derivatives from September 1, 2020 to September 1, 2021.
The CFTC Global Markets Advisory Committee considered subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.
Several industry associations provided commentary on a CFTC proposal to apply federal speculative position limits to 25 "core referenced futures contracts," including futures and options linked to those contracts and economically equivalent swaps.
The CFTC Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight issued no-action relief for swaps margin and reporting requirements related to the sale of EU-listed warrants.
The CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
In a working paper published by the London School of Economics, Visiting Professor David Murphy recommended improvements to regulatory review, and used the requirement of mandatory clearing of OTC derivatives as a case study.
A CFTC proposal to make several amendments to exemptions from swap clearing requirements, including for certain sovereign and small banking entities, was published in the Federal Register.
A CFTC final rule to exempt certain transactions with the European Stability Mechanism from uncleared swap margin requirements was published in the Federal Register.
The CFTC proposed several amendments to the exemptions from swap clearing requirements, including for certain sovereign entities and small banking entities.
In its 2019 annual margin survey, ISDA found that the initial margin collected for non-cleared derivatives trades by the 20 largest market participants rose by ten percent over the previous year.
Industry associations urged the Basel Committee on Bank Supervision and IOSCO to publicly recommend an extension of the implementation deadlines for the Phase 5 and Phase 6 initial margin requirements for uncleared derivatives.
In a briefing before the Energy and Environmental Market Advisory Committee, the CFTC's Market Intelligence Branch concluded that "the derivatives markets appear resilient in the face of lower liquidity and historic volatility and volume."
