House Financial Services Committee Chair Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown expressed their "strong opposition" to "weakening" initial margin requirements for swaps between banks and their affiliates.
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.
The SEC and CFTC requested comment on a proposal to reduce the margin requirement for an unhedged security futures position and to align the margin offset table for security futures with the reduced margin requirements.
The CFTC Division of Swap Dealer and Intermediary Oversight clarified that "Phase Five" initial margin documentation requirements will not apply to trading relationships where initial margin requirements have not gone above the $50 million threshold.
FINRA increased margin requirements for exchange-traded notes and options in order to address the complexity of these products, as well as confirming that exchange-traded notes and options on them are not allowed for portfolio margining.