Category: Non-cleared Derivatives
SBS Standalone protocol launched
ISDA yesterday launched the 2021 Security-based Swaps (SBS) Protocol, aiming to facilitate compliance with the long if not eagerly-awaited SEC SBS rules which largely come into force from 6 October 2021. The Protocol sits alongside the ISDA 2021 SBS Top-Up Protocol published on 15 March 2021. While the top-up protocol amends agreements made by adherents […]
It’s Official
17 February 2021. Delegated Regulations further amending the EMIR Margin RTS and amending the three Clearing Obligation RTS have today been published in the OJ. They will both enter into force on the following day- 18 February 2021. Amendments to the Margin RTS Extension of equity options derogation until 4 Jan 2024 Extension of intragroup […]
Third (final) ESA report- brief Brexit novation window
On 23 November 2020, the Joint Committee of the European Supervisory Authorities (ESAs) published a third “final” version of its draft RTS making various amendments to EMIR margining requirements. The draft (re)introduces the following amendments: Levelling the international playing field: An extension of a further three years for the “temporary” exemption from margining requirements for single-stock […]
Latest final CFTC IM report published
The CFTC have published the final rule extending IM Phase 6 in today’s Federal Register. In response to the COVID-19 pandemic, the final rule extends the Phase 6 deadline by one year to 1 September 2022 and has a retrospective effective date of 9 December 2020. The final rule updates the April 2020 “final” rule […]
Protocol starts with a bang
ISDA have today officially launched the IBOR Fallbacks and Supplement and Protocol. The supplement amends ISDA’s standard 2006 definitions for interest rate derivatives, incorporating robust fallbacks for IBOR-linked derivatives. Changes take effect on 25 January 2021, from which date the fallbacks will be included in all new cleared and OTC derivative transactions that reference the […]
IM deferred by 1 year
On 3 April 2020 BCBS and IOSCO announced a one year extension to IM Phases 5 and 6. Accordingly, the revised Phase 5 deadline is 1 September 2021, Phase 6 is 1 September 2022. AANA calculation periods for each phase will also be extended by one year. AANA Period (EU) Threshold Deadline Phase 5 […]
OSFI verifies their IM Delay requirements
The spread of COVID-19 has not stopped the OSFI of Canada from verifying their IM arrangements. As was previously covered, the OSFI of Canada has issued a revised version of its Margin Requirements for Non-Centrally Cleared Derivatives. Since BCBS’s March 2019 announcement, the OSFI was the first regulator to announce that they would be extending […]
Prudential Regulators do the prudent thing
US’ Prudential Regulators (FDIC, Federal Reserve, FDIC, OCC, FHFA and FCA) have become the latest to issue a proposal for amending Swap Margin Requirements. The CFTC was the first regulator to adopt the BCBS’ mitigation recommendations, staggering the ‘Big Bang’ Phase 5 and 6 thresholds, so it was only a matter of time for the […]
Another week, another regulator falls in line
The latest IM deadline passed at the start of this month without fanfare, and larger firms were able to breathe their fourth sigh of relief. A year from now, the challenge will not be as “easy”. In Phase 4, approximately 35 firms fell in-scope of the €750 bn threshold. Updated numbers for Phase 5 show […]
Bailey’s freshest tips for the Brexit Break-Up
Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing […]