CFTC staff granted additional no-action relief from certain CFTC swap data reporting requirements relating to LIBOR transition.
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The CFTC Division of Data issued certain no-action relief relating to reporting requirements associated with LIBOR transition.
ISDA published its first "Risk Free Rates Adoption Monthly Indicator." The new report tracks how much trading activity is being conducted "in cleared over-the-counter and exchange-traded interest rate derivatives that reference the identified risk-free rates in six major currencies."
In its Annual Report to Congress, the Office of Financial Research ("OFR") found that risks to U.S. financial stability are "in the medium range overall." OFR said market risk is due to historically high stock prices, but stated that current solvency and leverage risks are low. Cybersecurity was also identified as a high risk. The OFR report addressed these regulatory issues: proposed changes to large bank holding company capital regulation (p. 23); effects of a failed financial firm's derivatives exposures (p. 32); bond market liquidity based on TRACE data and the effects of "all-to-all"
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.