A new rule removes the requirement to clear IBOR-based swaps and extends mandatory clearing to swaps on IBOR alternatives. By Yvette D. Valdez and Adam Bruce Fovent On August 12, 2022, the US Commodity Futures Trading Commission (CFTC) voted to amend its mandatory clearing requirements for interest rate swaps (the Rule). The vote furthers the … Continue Reading
As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. By Yvette D. Valdez and Deric Behar With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December 31, 2021, regulators around the world have been amplifying … Continue Reading
A comprehensive guide to the new rule, which largely supersedes prior CFTC guidance that had informed market practice for over seven years. By Yvette D. Valdez, Adam Bruce Fovent, and J. Ashley Weeks On November 13, 2020, the US Commodity Futures Trading Commission’s (CFTC’s) final rule on the cross-border application of aspects of the swaps … Continue Reading
The CFTC continues to demonstrate a commitment to using its regulatory mandate to combat climate change risks to the US financial system. By Yvette D. Valdez, Douglas K. Yatter, Jean-Philippe Brisson, Paul Davies, Nicola Higgs, and Deric Behar On March 17, 2021, the Commodity Futures Trading Commission (CFTC) announced the establishment of an interdivisional Climate … Continue Reading
The CFTC and the DOJ both now pursue enforcement actions against trading in commodities based on misappropriation of confidential information. By Douglas K. Yatter, Sohom Datta, and Cameron J. Sinsheimer Among the many changes resulting from the Dodd-Frank Act, one that has been slow to develop, but broad in its significance, is the assertion of … Continue Reading
The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability. By Alan W. Avery, Pia Naib, Deric Behar, and Kristina S. Wyatt In its November 2020 Financial Stability Report (the Report), the Board of Governors of the Federal Reserve System (Federal Reserve) … Continue Reading
The long-awaited guidance clarifies the application of the “actual delivery” exception to leveraged virtual currency transactions with retail purchasers. By Yvette D. Valdez, J. Ashley Weeks, and Deric Behar Earlier this year, the US Commodity Futures Trading Commission (CFTC) approved final interpretive guidance (Guidance) concerning retail commodity transactions involving certain digital assets. The Guidance clarifies … Continue Reading
