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.
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.
The House Financial Services Committee considered legislation to (i) prohibit retail businesses from refusing cash payments and (ii) encourage an increase in mobile banking and electronic payment technologies.
The Futures Industry Association, the MFA, SIFMA and the Institute of International Bankers, and SIFMA AMG offered recommendations on the CFTC's proposed amendments to uncleared swap margin regulations.
The Directors of the Division of Clearing and Risk and the Division of Swap Dealer and Intermediary Oversight responded to inquiries regarding the treatment of separate accounts of a single beneficial owner.
An SEC and CFTC joint proposal to (i) lower the minimum customer margin requirement for security futures and (ii) revise the margin offset table consistent with the proposed reduction was published in the federal register.
The CFTC Division of Swap Dealer and Intermediary Oversight and Division of Clearing and Risk provided no-action relief and guidance on the treatment of separate accounts of a single beneficial owner by futures commission merchants.
A group of financial markets trade associations offered recommendations to regulators to mitigate potential negative impacts as initial margin requirements for uncleared derivatives are expanded to capture buy-side market participants.
CFTC Commissioner Brian Quintenz discussed ways in which he believes a lack of transparency during the financial crisis has been addressed by post-crisis reforms requiring data reporting, central clearing, and posting margin.
The CFTC requested comments on proposed changes to its uncleared swap margin requirements, which would prevent unintentional regulatory burdens that may result from certain rules recently adopted by prudential regulators.