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 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 House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.
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.
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.