The CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
In a working paper published by the London School of Economics, Visiting Professor David Murphy recommended improvements to regulatory review, and used the requirement of mandatory clearing of OTC derivatives as a case study.
A CFTC proposal to make several amendments to exemptions from swap clearing requirements, including for certain sovereign and small banking entities, was published in the Federal Register.
A CFTC final rule to exempt certain transactions with the European Stability Mechanism from uncleared swap margin requirements was published in the Federal Register.
The CFTC proposed several amendments to the exemptions from swap clearing requirements, including for certain sovereign entities and small banking entities.
FIA partnered with data analytics firm Greenwich Associates on a study of trends in the derivatives markets. Researchers surveyed market participants on derivative product usage, counterparty relationships and regulatory developments.
FIA recommended changes to the Bank for International Settlements Basel Committee's proposed revisions to the bank regulatory credit valuation adjustment risk framework.
ISDA highlighted separate economic analyses on: (i) trends in the credit default swaps market, (ii) clearing networks and central counterparties stress testing, and (iii) the cost effects of clearing fragmentation.
The CFTC created two subcommittees under the Market Risk Advisory Committee: the (i) Central Counterparty Risk and Governance Subcommittee and (ii) the Market Structure Subcommittee.
A group of fourteen trade associations urged the European Commission to grant an extension for the temporary equivalence for UK central counterparties until certain regulatory implementations have been made under EMIR 2.2 and until the European Securities and Markets Authority.
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.
University of Houston Finance Professor Craig Pirrong considered the underlying reasons for the volatility occurring in the U.S. overnight funding markets in mid-September.
At a CFTC Global Markets Advisory Committee meeting, Commissioners considered (i) implementation of margin requirements for uncleared swaps and (ii) the treatment of central counterparties under EU proposed rules.
In a joint statement, the CFTC and the European Commission reaffirmed their commitment to "transatlantic cooperation" among regulators and to implement G20 reforms to the derivatives market.
Staff at the Federal Reserve Board Divisions of Research and Statistics and of Monetary Affairs analyzed "the desirability of central versus bilateral clearing."
The House Committee on Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit raised concerns over potential European "encroachment" on U.S. clearinghouse oversight.
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.
CFTC Commissioner Dawn D. Stump outlined "common sense" fixes on position limits, swap execution facilities, the treatment of non-U.S. central counterparty clearing, a cross-border swaps rule and the implementation of initial margin for uncleared swaps.
