With the future of the London Interbank Offered Rate uncertain beyond 2021, the Federal Housing Finance Agency today directed the Federal Home Loan Banks to begin planning to phase out Libor-based transactions.
The FDIC today proposed to remove the requirement for covered swap entities to collect initial margin from affiliates, a change long called for by the American Bankers Association.
With the financial industry facing a future without Libor—which is currently being referenced in an estimated $200 trillion of financial contracts worldwide—American Bankers Association VP Hu Benton discussed how the industry is preparing on a recent episode of American Banker’s Bankshot podcast.
The Basel Committee and the International Organization of Securities Commissions announced today that they will delay for one year the final implementation plan for margin requirements for non-centrally cleared derivatives.
The Basel Committee today announced that it will revise the leverage ratio treatment of client cleared derivatives to align it with the standardized approach to measuring counterparty credit risk exposures, or SA-CCR.
The Alternative Reference Rates Committee today released a document offering preliminary considerations for the use of risk-free rates in interdealer cross-currency swaps.
The Securities and Exchange Commission last week issued a proposal and interpretive guidance aimed at improving its framework for regulating cross-border security-based swaps transactions and market participants.
As part of its efforts to monitor and maintain financial stability, the Federal Reserve is proposing to include new categories of entities under “financial institution” status under the FDIC Improvement Act’s netting provisions, first promulgated in Regulation EE in 1994.
ABA today joined four other financial trade organizations in a comment letter to the financial regulatory agencies offering feedback on a proposal establishing a new approach for calculating the exposure amount of derivative contracts under the regulatory capital rule.
With uncertainty rising around the United Kingdom’s pending withdrawal from the European Union, five federal regulatory agencies today issued an interim final rule to allow qualifying swaps to be transferred from a UK entity to an affiliate in the EU or the U.S. without triggering new requirements.