On May 19, the Commodity Futures Trading Commission’s Global Markets Advisory Committee approved a report that contains several recommendations for action by the CFTC with respect to the implementation of its initial margin (IM) rules for uncleared swaps. The recommendations are focused on the unique challenges faced by small end users of swaps and entities that engage in swap activity through separate managed accounts (SMAs).
Continue Reading CFTC GMAC Recommendations Concerning Initial Margin for Swaps

The International Swaps and Derivatives Association, Inc. (ISDA) has launched a new webpage containing information about interest rate benchmark reform and the transition away from the use of interbank offered rates (IBORs, including LIBOR) as floating rates in swap transactions. The page and subsequent materials are available to everyone, not just ISDA members.
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On April 14, the Commodity Futures Trading Commission (CFTC) at its open meeting unanimously approved two proposed rules regarding (1) amendments to Form CPO-PQR and related filing requirements for commodity pool oOperators (CPOs); and (2) amendments to the rules governing the treatment of swaps entered into by certain financial institutions.
Continue Reading CFTC Approves Proposed Rules on Filing Requirements for CPOs and Clearing Requirements for Certain Institutions

On March 17, the Commodity Futures Trading Commission (CFTC) adopted a final rule extending the compliance schedule for uncleared margin requirements to September 1, 2021 for market participants with the smallest uncleared swaps portfolios, i.e., Phase 5.
Continue Reading CFTC Extends Relief for Initial Margin Requirements for Uncleared Swaps

On February 20, the Commodity Futures Trading Commission (CFTC) unanimously approved two proposed rules to revise its regulations relating to swap data reporting, dissemination and public reporting requirements for market participants.
Continue Reading CFTC Approves Revisions to Swap Data Reporting, Dissemination and Public Reporting Requirements for Market Participants

On January 30, the Commodity Futures Trading Commission (CFTC) voted to publish for comment revised rules establishing position limits on derivatives contracts that provide for physical delivery. The vote was 3-2, with Commissioners Behnam and Berkovitz dissenting.
Continue Reading CFTC Proposes Revised Rules Establishing Position Limits on Derivatives Contracts That Provide for Physical Delivery