CFTC Financial Reporting Requirements Delayed for Bank Swap Dealers
The Commodity Futures Trading Commission yesterday temporarily delayed some financial reporting requirements for bank swap dealers.
Browsing: Swaps
‘SOFR First’ Initiative Kicks Off
Today marked the start of the first phase of the Commodity Futures Trading Commission’s “SOFR First” initiative, which it recommended for switching trading conventions from Libor to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative, and by some measures, SOFR swaps accounted for 50% of total activity.
ARRC Issues Conventions for Forward-Looking SOFR Term Rate; Endorses Date for Cross-Currency Swaps
The Alternative Reference Rates Committee today made two significant announcements today. In the first, the ARRC recommended conventions and use cases for employing the forward-looking Secured Overnight Financing Rate term rates that are expected to be formally recommended by the ARRC in the coming days.
CFTC Staff Issue Statement on Libor Transition
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.
CFTC Panel Approves ‘SOFR First’ Rate Transition Plan
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.
Banks’ Transition Away from Libor Just Became Easier
The variety of forward-looking term rates now available means that banks will have choices to offer when transitioning from Libor.
Fed Expands Reg EE Coverage
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.
CFTC Finalizes ABA-Advocated Relief on Swap Clearing for BHCs, S&LHCs
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.
SEC, CFTC Approve Joint Rule Aligning Margin Levels for Security Futures
The Securities and Exchange Commission and the Commodity Futures Trading Commission approved a joint final rule today to harmonize their margin levels for security futures “whether they are held in a futures account, a securities portfolio margin account, or a securities account that is not approved for portfolio margining.”
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.