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.
U.S. "prudential regulators" adopted amendments to uncleared swap margin requirements. The amendments clarify that "legacy" swaps remain out of scope for margin rules if the trades are amended solely to comply with the new "QFC Rules."
Federal Reserve Bank of New York President William C. Dudley argued that "aggressive action" is needed across the financial industry to address market-wide issues concerning the global market transition away from LIBOR.
The Secretary of the Treasury extended the compliance dates for regulations implementing qualified financial contract recordkeeping requirements for certain non-bank financial companies that may pose systemic risk.
The Secretary of the Treasury proposed extending the compliance date for regulations implementing qualified financial contract recordkeeping requirements of certain non-bank financial companies that may pose systemic risk.
The Board of Governors of the Federal Reserve System adopted a final rule that restricts cancellation rights for qualified financial contracts when a counterparty enters into bankruptcy or resolution proceedings.
The Bank for International Settlements published a Report that found that changes in the availability and cost of repurchase agreement ("repo") financing are affecting the ability of repo markets to support the financial system.
Several trade associations submitted comment letters responding to the FDIC's proposed rulemaking to restrict the contractual provisions of qualified financial contracts entered into by certain FDIC-supervised institutions.
The FDIC and the SEC proposed a rule to govern the orderly liquidation of "covered brokers-dealers," or large broker-dealers that are subject to liquidation under Title II of the Dodd-Frank Act and not dissolution under the Securities Investor Protection Act ("SIPA").
The FDIC and the SEC proposed a rule to govern the orderly liquidation of "covered brokers-dealers," or large broker-dealers that are subject to liquidation under the Dodd-Frank Act and not dissolution under the Securities Investor Protection Act.
In its 29th semi-annual "European Repo Market Survey," the International Capital Market Association ("ICMA") reported that the trend in European repurchase agreement ("repo") activities is "still essentially sideways."