Browsing: Swaps

Compliance and Risk

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.

Policy

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.

Policy

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.

Newsbytes

The Commodity Futures Trading Commission yesterday issued a no-action letter to allow certain amendments to legacy swaps—those that were executed prior to the compliance date for the CFTC’s uncleared swap margin rule—without losing their status as legacy swaps.

Newsbytes

The American Bankers Association joined several financial trade organizations in a letter to the prudential regulators earlier this week calling on them to modify the margin rules for non-cleared swaps and security-based swaps to better align them with international standards.

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