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Futures Industry Association FIA filed a comment letter with the CFTC on Jan 18 in response to the CFTC's advance notice of proposed rulemaking regarding the protection of customer collateral posted with futures commission merchants in connection with the clearing of swap transactions. The CFTC's notice asked for comment on several models for dealing with "fellow customer risk", including the full segregation of each customer's collateral in separate accounts. FIA noted that the "baseline" model, i.e., the existing model used in the clearing of exchange-traded futures and options, has proven

ISDA added a Japanese jurisdictional module to its Resolution Stay Jurisdictional Modular Protocol. The new module is intended to facilitate compliance with Japanese regulations that require contractual stays to be included in certain financial contracts that are not governed by Japanese law.

ISDA published the 2015 ISDA Universal Resolution Stay Protocol (the "2015 ISDA Protocol") which "enables parties to amend the terms of their Protocol Covered Agreements to contractually recognize the cross-border application of special resolution regimes applicable to certain financial companies and support the resolution of certain financial companies under the United States Bankruptcy Code." In addition, SIFMA, the International Capital Market Association ("ICMA") and the International Securities Lending Association ("ISLA"), in coordination with ISDA and the Financial Stability Board

ISDA updated its Model Netting Act, which provides a template for jurisdictions considering enforcing close-out netting.