Derivatives Market Advisory Committee Content

On July 27, 2023, the SEC issued an order (the "2023 Order") approving FINRA's proposed amendments to FINRA Rule 4210 related to margin requirements for "Covered Agency Transactions" (defined below) in the to-be-announced (TBA) market. The amendments: (1) eliminate the two percent...

On July 26, the CFTC proposed certain amendments to its initial margin (IM) requirements for swap dealers (SDs) and major swap participants (MSPs) (collectively, covered swap entities or "CSEs") regarding seeded funds and money market funds (MMFs). The Proposal would implement, with...

On July 7, the CFTC approved the "made available to trade" (MAT) determination that Tradeweb's registered swap execution facility (SEF), TW SEF LLC (TW SEF), resubmitted in late May for certain overnight index swaps (OIS) referencing specific risk-free rates. Specifically, the MAT...

On June 7, the Commodity Futures Trading Commission (CFTC) adopted a final rule to require derivatives clearing organizations (DCOs) to establish risk management committee (RMC) and risk working groups (RWGs) that would consult on matters that could materially affect the DCO's risk...

On May 17, 2023, the Securities and Exchange Commission (SEC) proposed amendments regarding covered clearing agencies' (CCAs) resilience and recovery and wind-down plans. The Commodities Futures Trading Commission (CFTC), on June 7, similarly proposed rule amendments related to...

The Office of Information and Regulatory Affairs released the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions on June 13, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

On May 22, Tradeweb's registered swap execution facility (SEF) TW SEF LLC (TW SEF) re-filed a "made available to trade" (MAT) submission with the CFTC for certain interest rate swaps referencing specific risk-free rates (RFRs), after withdrawing the MAT submission it filed on April 12...

The SEC and the CFTC have proposed amendments to the rules for covered clearing agencies (CCAs) and derivatives clearing organization (DCOs), respectively, related to resiliency, recovery, and wind-down plans. On May 17, the SEC proposed amendments that are intended to (1) strengthen...

The Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructure (CPMI), and the International Organization of Securities Commissions (IOSCO) (collectively, the "regulators") recently published a report analyzing margin dynamics in centrally...