In a newly published consultative document, the Bank for International Settlements Basel Committee on Banking Supervision proposed several "limited adjustments" to the credit valuation adjustment risk framework.
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The Federal Reserve Board proposed expanding the number of financial institutions that fall under the "netting" provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991.
The CFTC final rule amending the uncleared swap margin requirements was published in the Federal Register. The final rule will become effective on December 26, 2018. As previously covered , the amendments were adopted to comply with the stay-related rules applicable to "qualified financial contracts" ("QFCs"). Further, the adopted amendments clarify that (i) swap agreements are not excluded from the CFTC Margin Rule definition of "eligible master netting agreement," based on their compliance with the QFC rules, and (ii) any legacy uncleared swap that is out of scope for the CFTC swap margin
ISDA CEO Scott O'Malia outlined recent and forthcoming efforts to address benchmark reforms.
ISDA, the Association of Financial Markets in Europe, International Capital Market Association, and SIFMA highlighted the challenges of transitioning from Interbank Offered Rates to risk free rates.