Board of Governors of the Federal Reserve System ("FRB") Governor Jerome H. Powell reviewed the progress made in central counterparty ("CCP") clearing and offered his thoughts on expanded central clearing for the repurchase markets. Speaking at the Clearing House Annual Conference, Mr. Powell asserted the benefits of central clearing under the right circumstances, but added that central clearing itself "is not a panacea." As risks accumulate, he said, CCPs must continue to "build up their ability to manage them" and plan for "a world in which large firms will fail and be resolved without

Five federal agencies ("the Agencies") published interim and final rules on margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants. The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Farm Credit Administration ("FCA") and the Federal Housing Finance Agency ("FHFA") published the rules in the Federal Register. The final rule implements Dodd-Frank Sections 731 ("Registration

Stanley Fischer, Vice Chair of the Board of Governors of the Federal Reserve System, described steps taken by the Federal Reserve and other U.S. regulators to improve the resolution process for global systemically important banking organizations.

Five federal agencies authorized an interim final rule that exempts particular uncleared swaps from the agencies' respective margin requirements. The final rule was published in the Federal Register.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, European Supervisory Authorities and IOSCO responded to industry concerns about the March 1, 2017 implementation deadline of variation margin requirements.