At the request of ABA’s Center for Bank Derivatives Policy, the Commodity Futures Trading Commission on Friday released a no-action letter to ensure that bank and savings and loan holding companies can enter into swaps and benefit from the same end-user treatment as the small banks and thrifts they own.
The Commodity Futures Trading Commission today approved a final rule requiring swap dealers and major swap participants to exchange initial margin and variation margin with counterparties to swaps not cleared through a central counterparty.
New regulations finalized in 2015 will cost the financial services industry $9.4 billion and consume 14 million hours of paperwork, according to a new analysis by the American Action Forum.
The Commodity Futures Trading Commission today released a preliminary report on the “de minimis” exception for swap dealers to register with the CFTC. The current rule requires a bank to register with CFTC as a swap dealer if it deals in more than $8 billion in notional swaps per year.
The FDIC, OCC and Farm Credit Administration today approved a final rule that requires prudentially-regulated swap dealers and participants to put up capital and exchange initial margin and variation margin from counterparties to swaps not cleared through a central counterparty.
The Commodity Futures Trading Commission today issued a proposal on when margin requirements would apply to uncleared swap transactions in a cross-border context.
ABA this week launched its new Center for Bank Derivatives Policy, which brings together resources for banks focused on the derivatives market.
The full House yesterday passed a spending bill that includes a provision granting an exemption from derivatives clearing requirements for small bank holding companies.
The House Agriculture Committee yesterday passed a reauthorization bill for the Commodity Futures Trading Commission. ABA successfully advocated for the inclusion of an amendment that would provide an exemption for derivatives clearing for small bank holding companies.
The Securities and Exchange Commission yesterday voted unanimously to re-propose a rule regarding the allocation of Dodd-Frank requirements to cross-border security-based swap transactions.