In a joint statement today, the Commodities Futures Trading Commission’s Market Participants Division and Division of Market Oversight emphasized to market participants and swap execution facilities the importance of an orderly transition away from Libor.
As part of regulators’ efforts to facilitate the ongoing transition away from Libor, the Commodity Futures Trading Commission’s Market Risk Advisory Committee today recommended “SOFR First” as a market best practice.
With certain tenors of Libor set to sunset at the end of 2021, the Commodity Futures Trading Commission’s Interest Rate Benchmark Reform Subcommittee today announced that it has voted to recommend that beginning July 26, interdealer brokers replace trading of Libor linear swaps with trading of U.S. dollar linear swaps tied to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative.
The Federal Reserve today finalized new categories of entities under the “financial institution” status under the FDIC Improvement Act’s netting provisions, first promulgated in Regulation EE in 1994.
The OCC today finalized changes to its rules for national bank and federal savings association activities, operations and corporate governance to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.
The Commodity Futures Trading Commission today finalized a rule that exempts from clearing requirements certain swaps entered into by financial holding companies with less than $10 billion in assets.
The International Swaps and Derivatives Association announced today that its framework for reference rate fallbacks will launch on Oct. 23.
ABA joined a coalition of financial trade groups last week welcoming action by financial regulators to provide regulatory relief to swaps market participants during the pandemic.
The Commodity Futures Trading Commission today highlighted a number of available standardized tools that derivatives markets, clearing organizations and swap data repositories could use to assess and improve their level of cybersecurity preparedness.
Five federal financial regulatory agencies today finalized a rule that removes the requirement for covered swap entities to collect initial margin from affiliates—an American Bankers Association-supported change that fosters systemic risk mitigation and allows swap entities to better manage liquidity.