ISDA published two research papers that examine the value of the over-the-counter ("OTC") derivatives market. The first paper, titled "The Value of OTC Derivatives: Case Study Analyses of Hedges by Publicly Traded Non-Financial Firms," focuses on four case studies in which the authors consider real-world examples of OTC derivatives used by non-financial corporates, but replicate the OTC hedges with exchange-traded alternatives. The paper's conclusions include the following: suitable exchange-traded derivatives available to replace OTC hedges do not always exist; OTC hedges can be more

The House Agriculture Committee today approved the Customer Protection and End-User Relief Act (H.R. 4413) by voice vote. The Bill, which was introduced on April 7, 2014, would reauthorize and improve the operations of the CFTC and to address concerns relating to market certainty and customer protection. We briefly discussed the bill in yesterday's news when the bill was reported out of Committee. Among the most significant aspects of the bill, which we had not discussed are (i) the more express imposition of cost/benefit requirements on the CFTC and (ii) the required changes that the bill

The North American Securities Administrators Association ("NASAA") renewed its call on the SEC to revise substantially its proposed Regulation A ("Reg. A") rulemaking to remove language preempting state authority over certain small business offerings. During the NASAA Public Policy Conference on April 8, 2014, NASAA President Andrea Seidt announced that nearly all U.S. NASAA members had officially signed a Memorandum of Understanding demonstrating their agreement to participate in NASAA's new Coordinated Review Program for Reg. A Offerings. According to the NASAA press release, the new program

ISDA, SIFMA and the Institute of International Bankers ("IIB") (together, the "Associations") submitted a consolidated reply in support of their motion for summary judgment and in response to the CFTC's Cross-Motion for Summary Judgment and to Dismiss in Part, in the Associations' challenge to the CFTC's Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (the "Cross-Border Rule"). The consolidated reply asks the Court to grant the Associations' motion for summary judgment and to deny the CFTC's cross-motion, arguing that: Though the CFTC defended the

The CFTC Divisions of Market Oversight ("DMO") and Swap Dealer and Intermediary Oversight ("DSIO") jointly issued CFTC No-Action Letter 14-46, which replaces No-Action Letter 14-16. After the CFTC issued Letter 14-16, its staff members continued to engage in a dialogue with staff members of the European Commission and the Financial Conduct Authority of the United Kingdom, as well as with facility operators and market participants, concerning certain terms and conditions in Letter 14-16. As a result of these conversations, the CFTC's staff issued No-Action Letter 14-46 to clarify positions