The CFTC and the Japan Financial Services Agency agreed to extend cross-border regulatory deference to certain electronic derivative trading platforms subject to comparable regulation.
The CFTC Division of Swap Dealer and Intermediary Oversight clarified that "Phase Five" initial margin documentation requirements will not apply to trading relationships where initial margin requirements have not gone above the $50 million threshold.
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.
SUMMARY: Seventeen House Democrats urged prudential regulators to ease initial margin requirements for inter-affiliate swap transactions by harmonizing with the CFTC and other major G20 regulators.
SEC Chair Jay Clayton and CFTC Chair J. Christopher Giancarlo stated their intention to explore whether portfolio margining would be an area where SEC-CFTC "harmonization" would be beneficial.
CFTC staff provided no-action relief to floor traders from counting certain swaps towards the de minimis threshold for purposes of determining whether registration as a "swap dealer" is required.
