Commentary by Nihal Patel
FIA submitted a comment letter questioning the value of certain compliance resource information required to be submitted as part of FCM and swap dealer CCO annual reports.
In a petition to the CFTC, FIA and ISDA requested clarification on whether certain swaps meet the criteria to be considered economically equivalent swaps under the CFTC's position limits rule.
FIA requested that the CFTC codify no-action relief regarding the treatment of separately managed accounts held at futures commission merchants.
The CFTC's Interest Rate Benchmark Reform Subcommittee recommended to the Market Risk Advisory Committee "that on July 26, 2021 and thereafter, interdealer brokers replace trading of LIBOR linear swaps with trading of SOFR [Secured Overnight Financing Rate] linear swaps."
The Futures Industry Association urged the CFTC to clarify rules regarding the margin treatment of separate customer accounts.