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.
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.
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."