Browsing: Swaps

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.

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.

Economy

As the Commodity Futures Trading Commission continues its ongoing initiative to simplify and modernize its rules, ABA last week wrote to the CFTC to highlight how a relatively inflexible definition of “eligible contract participant” under CFTC regulations has constrained banks from helping borrows mitigate risk by participating in swaps transactions.

Compliance

As the ABA Securities Association and other trade groups have urged, the Federal Reserve and the OCC today issued guidance on how examiners will review compliance with the requirement for when swap dealers and major swap participants must exchange variation margin for swaps not cleared through a central counterparty.

Compliance

With a March 1 compliance deadline looming for when swap dealers and major swap participants must exchange variation margin for swaps not cleared through a central counterparty, the ABA Securities Association and several other trade groups have urged regulators to provide a transition period to facilitate compliance.