ISDA announced the launch of a licensing program for ISDA's proprietary and patent-pending Standard Initial Margin Model ("SIMM") for non-cleared derivatives, offered commercially under the name ISDA SIMM&Amp;trade;. By establishing SIMM, ISDA aims to create a single model that meets regulatory standards, which all authorized licensees can use to exchange collateral in a manner that is consistent with margin requirement rules. According to ISDA, SIMM creates a single framework to calculate initial margin so that licensed counterparties can reduce the potential for disputes. See: ISDA Press

The House of Representatives Rules Committee held a hearing to consider the "Commodity End-User Relief Act" (H.R. 2289). The Rules Committee will vote on H.R. 2289 on June 3, 2015. A floor vote is expected on June 9, 2015. H.R. 2289 is similar to legislation passed by the House during the last Congress. It would codify and clarify Congressional intent where certain customer protections are concerned, reform the CFTC's operations, amend certain end-user provisions of the Dodd-Frank Act, and make technical corrections to the CEA. Click here to view a summary of the hearing by Delta Strategy

The Joint Forum, which consists of the Basel Committee on Banking Supervision, IOSCO and the International Association of Insurance Supervisors, released a report titled " Developments in Credit Risk Management Across Sectors: Current Practices and Recommendations." The report provides insight into the current supervisory framework around credit risk, the state of credit risk management at firms, and implications for the supervisory and regulatory treatment of credit risk. The report is based on a survey that the Joint Forum conducted globally with 15 supervisors and 23 firms in the banking

The CFTC extension of the comment deadline regarding the proposed amendments to the limited trade option exemption in Part 32 of the CFTC Rules was published in the Federal Register. The CFTC extended the comment period for the proposal in light of its recent interpretation concerning forward contracts with embedded volumetric optionality. Comments on the proposed rule are now due by June 22, 2015. See: 80 FR 31326. Related news: CFTC Releases Final Interpretation of Forward Contracts with Embedded Volumetric Optionality (with Lofchie Comment) (May 12, 2015); CFTC Proposes Amendments Regarding

CFTC Commissioner J. Christopher Giancarlo delivered the keynote address before the Cato Summit on Financial Regulation, focusing on the importance of liquidity to reduce risks in financial markets. Commissioner Giancarlo stated that liquidity is the "life blood" of successful financial markets. He explained that the risk involved in hedging instruments helps "moderate price, supply and other commercial risks," which in turn frees up capital to boost economic growth. According to Commissioner Giancarlo, an "inferno of complex derivative products used for unfettered risk taking overseen by