Browsing: Derivatives

Economy

ABA today commented on a joint proposed rulemaking issued by the OCC, Federal Reserve and FDIC, Farm Credit Administration and the Federal Housing Finance Administration that would align the agencies’ margin rules with restrictions on qualified financial contracts that took effect last year.

Economy

With the New York Federal Reserve beginning to publish the Secured Overnight Financing Rate — or SOFR — next week, the American Bankers Association today wrote to the Financial Accounting Standards Board in support of including the overnight index swap rate based on SOFR as a benchmark interest rate for hedge accounting purposes, as an alternative to U.S. dollar Libor.

Newsbytes

Commercial banks reported total trading revenue of $5 billion in the final quarter of 2017, down 21.2 percent from the third quarter and 16.1 percent from the year before, according to the OCC’s Quarterly Report on Bank Trading and Derivatives Activities.

Economy

The Alternative Reference Rate Committee today issued a second report summarizing its decision to adopt the Secured Overnight Financing Rate — or SOFR —  a broad measure of overnight Treasury financing transactions, as an alternative to U.S. dollar Libor.

Commercial Lending

Used for nearly half a century, Libor underpins more than $350 trillion of financial products. As regulators and the industry plan for its replacement, how will banking change?

Newsbytes

To facilitate compliance with their rules regarding qualified financial contracts of systemically important banks, the federal banking agencies today proposed a rule clarifying that legacy swaps — those entered into before the margin rules’ compliance dates — do not become subject to margin requirements provided they are amended solely to comply with QFC rules.

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