International Swaps and Derivatives Association (Isda)
CFTC cross-border guidance 'has the feel of a rule', lawyers agree
A rule by any other name
CFTC guidance means FIA-Isda contract 'no longer needed'
Execution agreements that have taken years of work cannot be used on Sefs - and a big change is needed if they are to survive at all
Oil market faces tight deadline for Ice Brent protocol
As Ice prepares to shift Brent expiry calendar on December 6, Isda releases protocol to enable orderly transition of OTC market
End-users push back on termination rights delay
Derivatives end-users are pushing back on regulator demands to include temporary stays on termination rights linked to bank resolutions
Libor set to remain as benchmark rate for OTC derivative contracts
Legacy issues and the lack of alternative benchmarks mean Libor will remain the default benchmark of choice for OTC transactions
Looming Emir deadline prompts race to comply
Hundreds of corporates amend OTC documentation this week, ahead of September 15 portfolio reconciliation deadline – but market participants warn of "massive non-compliance"
IsdaFix faces rival based on swap repository data
New end-of-day benchmark is "much harder to manipulate" than industry standard IsdaFix
Multiple trade repositories cause reporting headache in Asia
A fragmented view
Legal uncertainty over netting in China threatens Shanghai QCCP status
Foreign banks operating in China's OTC markets face punitive capital charges
Singapore's absence from CFTC substituted compliance regime creates uncertainty
Treatment of Singapore-based branches of US firms unclear
Insurers struggling with move to OIS discounting
Lack of consistency in dealer practices means many insurance firms are sticking with Libor discounting for now
People: RBS drops equity derivatives and retail structured products
RBS cuts businesses it saved from the axe last year; O'Connor takes up Isda chairman's role full time; Deutsche's Wayne takes on US forex role; new role for Lipton at Bank of America; Williams swaps Allen & Overy for Milbank
Dealers plan standard margin model for WGMR regime
Fight over margin requirements for uncleared trades is not over, banks vow, but Isda will develop a standard model for use under the rules
US dealers stop trading to avoid breaching China privacy laws
Questions over the ability to report OTC derivatives transactions to trade repositories mean some US dealers have stopped trading with each other
European OTC client-clearing docs arrive after nine-month delay
Complete agreement proved impossible, but participants see new legal template as a good base for negotiations, Isda says
Asian firms not likely to be compliant with cross-border Dodd-Frank on July 12
Many financial institutions in Asia would not be in a position to comply with Dodd-Frank cross-border applications should the CFTC’s exemptive order expire on schedule on July 12
Extraterritorial EU legislation likely to be ‘particularly onerous’ on Asia – Asifma
Extraterritorial aspects of European legislation such as Emir likely to be keenly felt by Asian firms, says Asifma
Australian banks lobby for reduced margin on cross-currency swaps
Current treatment of initial margin on uncleared swaps will cost Australian banks $21 billion
Swap dealers struggle with Isda protocol compliance
Failure to meet deadline for earlier protocol puts banks on the back foot for compliance with next round of rules
Data fragmentation hampers oversight
The G-20 had hoped the reporting of OTC derivatives trades would give regulators an opportunity to spot the build-up of systemic risk. But domestic reporting requirements, a lack of standard data formats and local privacy laws are preventing supervisors…
Bilateral CVA of optional early termination clauses
Bilateral CVA of optional early termination clauses
Editorial: Clearing the way
Banks have focused their attention on central clearing – but trade reporting could prove even more problematic