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Results: 1-10 of 28

Senior Supervisors Group releases report on management and settlement of credit default swaps

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 10 2009

Yesterday, the Senior Supervisors Group, which consists of the senior financial supervisors from the U.S., U.K., Canada, France, Germany, Japan and Switzerland, released a report entitled “Observations on Management of Recent Credit Default Swap Credit Events.”

SEC permits Chicago Mercantile Exchange to operate clearing entity for credit default swaps

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 18 2009

Late last week, the SEC announced its approval of conditional temporary exemptions to allow the Chicago Mercantile Exchange Inc. (CME) to operate as a central counterparty (CCP) to clear credit default swaps (CDS), based on a request for exemptive relief submitted by CME and Citadel Investment Group, L.L.C. (Citadel

Federal Reserve Bank of New York hosts meeting on OTC derivatives

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 1 2009

Today, the Federal Reserve Bank of New York (FRBNY) hosted a meeting for major market participants and their domestic and international supervisors to discuss ongoing efforts to strengthen the infrastructure of the over-the-counter (OTC) derivatives market

ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 8 2009

Today, the International Swaps and Derivatives Association, Inc. (ISDA) announced the successful implementation of the ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (otherwise referred to as the “Big Bang” Protocol), with over 2,000 parties adhering to the Protocol

U.S. Treasury announces proposed regulatory framework for OTC derivatives

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 13 2009

Today, the U.S. Treasury Department released a proposal, also submitted in a letter to Congressional leaders, which contemplates a comprehensive regulatory framework for all over-the-counter (OTC) derivatives, largely because “massive risks in derivatives markets have gone undetected by both regulators and market participants.”

FINRA launches Interim Pilot Program on margin requirements for transactions in CDS

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 5 2009

Financial Industry Regulatory Authority, Inc. (FINRA) has established an Interim Pilot Program with respect to margin requirements for certain transactions in credit default swaps (CDSs

CFTC Chairman Gensler proposes regulatory framework for derivatives at Senate hearing

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 5 2009

On June 4, 2009, the Senate Agriculture Committee held a hearing entitled "Regulatory Reform and the Derivatives Markets," at which Chairman Gary Gensler of the Commodity Futures Trading Commission (CFTC) proposed a comprehensive regulatory framework to govern over-the-counter (OTC) derivatives dealers and OTC derivatives markets, regardless of what type of derivative is traded currently or in the future and whether the derivative is standardized or customized

Senate Subcommittee holds hearing on regulation of OTC derivatives market

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 24 2009

Yesterday, the Subcommittee on Securities, Investment and Insurance of the Senate Banking Committee held a two-panel hearing entitled the "Over-the-Counter Derivatives: Modernizing Oversight to Increase Transparency and Reduce Risks."

Treasury Secretary Geithner testifies at hearing on regulation of OTC derivatives

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 10 2009

Today, the House Financial Services and Agriculture Committees held a joint hearing titled, "A Review of the Administration’s Proposal to Regulate the Over-the-Counter Derivatives Market," at which U.S. Treasury Secretary Geithner testified on the Obama administration’s comprehensive regulatory framework for OTC derivatives markets

Federal Reserve Bank of New York acknowledges publication of CDS central counterparty legal analysis by industry participants

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 14 2009

On July 13, the Federal Reserve Bank of New York (FRBNY) issued a press release to acknowledge the publication by a group of 8 dealers and 8 buy-side market participants of a "cross-jurisdictional analysis of legal and regulatory issues facing credit default swap central counterparties (CDS CCPs) with respect to customer access to central clearing platforms."