How will a U.S. default impact the Credit Default Swap Market?  ISDA responds…

Video from Robin Powers’ CLE webinar on the new regulations governing the use of OTC derivatives in the United States and Europe from September 11, 2013. The different requirements will create new and possibly overlapping compliance obligations for end users who engage in derivatives/ hedging activities in the US and abroad.  For many end users, this…

In order to help market participants establish the procedures required by EMIR, ISDA has released the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (the “EMIR Protocol”).  But adhering is not the only way to ensure that you will be able to trade with EU financial entities as of the coming deadline. 1.    …

ISDA DODD-FRANK PROTOCOL 2.0 DF Protocol 2.0 (or the March DF Protocol) is intended to address the requirements of three rules finalized in the latter half of 2012, too late to be covered by the August DF Protocol. More specifically, DF Protocol 2.0 addresses (a) the end-user exceptionto the clearing requirement for swaps; (b) the clearing requirement…

The Commodity Futures Trading Commission (CFTC) has issued a time limited ‘No Action’ letter that exempts Prime Brokers from certain aspects of Dodd-Frank rules. There had been widespread concern that Prime Brokers would be required to comply with the obligation to disclosure of the mid-market mark. The CFTC No Action letter recognized that the prime broker would…

A list of provisionally registered swap dealers is listed below. This list is current as of April 1, 2013. AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD BANCO BILBAO VIZCAYA ARGENTARIA SA BANK OF AMERICA NA BANK OF MONTREAL BANK OF NEW YORK MELLON THE BANK OF NOVA SCOTIA THE BANK OF TOKYO MITSUBISHI UFJ LTD…

The following banks/dealers are the first to register as swap-dealers under the Dodd-Frank Act, which requires higher capital, collateral and trading standards.  The list, which is expected to grow, reflects companies that had at least $8 billion in swap-dealing business in October and had to register by the end of last year. CFTC list of…

Mandatory clearing will be phased in over the first three quarters of 2013. Market participants trading certain interest rate and credit default swaps will be required to comply by March 11, 2013. Regulated entities such as swap dealers and major swap participants must comply in this first phase; buy side firms that meet the definition…

Commodity Futures Trading Commission Extends Compliance Date for Dodd-Frank Protocol to May 1, 2013 in Order to Give Market Participants Additional Time to Adhere. Buy side market participants received a holiday gift from the Commodity Futures Trading Commission (“CFTC”) – compliance deadlines for the business conduct and documentation rules (the “Business Conduct Rules“) related to the…

ISDA has announced the launch of the 2012 US Municipal Reference Entity CDS Protocol.  The purpose of the Protocol is to make similar changes to US Municipal CDS transactions (“Muni CDS”) as were made to corporate and sovereign CDS by the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol. The Protocol is open…