ABA, Groups Applaud Agencies’ Recent Swap Regulation Actions
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.
Browsing: Swaps
CFTC Finalizes Rule on Cross-Border Swap Requirements
By a three-to-two vote, the Commodity Futures Trading Commission yesterday approved a final rule on the cross-border application of registration thresholds and other requirements to swap dealers and major swap participants
Agencies Finalize Rule to Amend Initial Margin Requirements for Inter-Affiliate Swaps
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.
BAFT, ITFA to Develop Fallback Language for Master Participation Agreements
As financial institutions around the globe continue preparing to transition financial contracts away from the London Interbank Offered Rate, which is not guaranteed to be sustained after 2021, BAFT—ABA’s global transaction banking subsidiary—and the International Trade and Forfaiting Association noted that the transition could have implications for master participation agreements.
ABA Opposes Prohibition of ‘Post-Trade Name Give-Ups’ for Anonymous Swaps
In a comment letter to the Commodity Futures Trading Commission today, ABA urged the agency not to move forward with a proposal that would prohibit “post-trade name give-up” practices for swaps that are anonymously executed on a swaps execution facility and are intended to be cleared.
CFTC Proposes New, Amended Position Limits for Derivatives
The Commodity Futures Trading Commission yesterday proposed new and amended regulations regarding speculative position limits.
FSB: Banks Need to Move Now on Post-Libor Plans
Financial firms that have not started their work to transition from the London Interbank Offered Rate and making fallback plans for contracts—especially loans—that currently reference it need to begin right away, the Basel, Switzerland-based Financial Stability Board said in a progress report today on the reference rate transition.
SEC Adopts Changes to Security-Based Swaps Rules
The Securities Exchange Commission today finalized a package of proposed changes and guidance related to the regulation of cross-border security-based swaps, including single-name credit default swaps.
CFTC Proposes Relief from Swaps Clearing Requirements
The Commodity Futures Trading Commission last week issued a proposal intended to provide relief for market participants from the swaps clearing requirement.
ABA Welcomes 18-Month Extension for SCCL Final Rule
ABA today welcomed the Federal Reserve’s proposal for an 18-month extension of the compliance date for limits on the amount of credit exposure that foreign banking organizations can have to each other and to other counterparties.