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 Senate Committee on Banking, Housing and Urban Affairs considered testimony on the development and testing of a U.S. central bank digital currency pilot program.
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.
A Federal Reserve working group, made up of government and payments industry experts, developed a uniform fraud classification system to address fraud involving Automated Clearing House, wire, and check payments.
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.
The SEC provided conditional relief from certain Exchange Act credit-arranging prohibitions to broker-dealers designated as agents for the Federal Reserve Board's Term Asset-Backed Securities Loan Facility.
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.
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
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.
A final rule amendment to extend the compliance phase-in schedule for initial margin requirements for uncleared swaps was published in the Federal Register.
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.
FIA partnered with data analytics firm Greenwich Associates on a study of trends in the derivatives markets. Researchers surveyed market participants on derivative product usage, counterparty relationships and regulatory developments.
FIA recommended changes to the Bank for International Settlements Basel Committee's proposed revisions to the bank regulatory credit valuation adjustment risk framework.
