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.
A CFTC proposal amending uncleared swap margin regulations to exempt certain transactions from the European Stability Mechanism was published in the Federal Register.
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 U.S. House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit considered testimony on international developments that could affect the U.S. derivatives markets.
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.
ISDA, the Association of Financial Markets in Europe, International Capital Market Association, and SIFMA highlighted the challenges of transitioning from Interbank Offered Rates to risk free rates.