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Results: 1-10 of 10

Six industry organizations urge FSB to stop promoting potential suspension of counterparties’ early termination rights in US bankruptcy actions

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • November 9 2014

Six trade associations representing non-dealer swap market participants sent a letter to the Financial Stability Board on November 4, urging the FSB

House Financial Services Committee releases staff report on MF Global

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • November 16 2012

The US House of Representatives Financial Services Subcommittee on Oversight and Investigations (Committee) has released a report on the collapse of MF Global (Report

Lehman Brothers court, building on Semcrude and Swedbank decisions, denies triangular setoff by swap counterparty

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 11 2011

The United States Bankruptcy Court for the Southern District of New York (the Court), has held that section 553(a) of the Bankruptcy Code prohibits a swap counterparty from setting off amounts owed to the debtor against amounts owed by the debtor to affiliates of the counterparty, notwithstanding the safe harbor provision in section 561 of the Bankruptcy Code and language in the ISDA Master Agreement permitting the swap counterparty to effect “triangular” setoffs

CFTC amends rule regarding operation of commodity brokers in bankruptcy

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • July 30 2010

The Commodity Futures Trading Commission has announced that it will amend its Regulation 190.04(d)(2) regarding the operation of a commodity broker in bankruptcy

CFTC creates separate bankruptcy account class for cleared otc derivatives

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 2 2010

The Commodity Futures Trading Commission has amended its bankruptcy rules (17 C.F.R. Part 190) to create a new “account class” for cleared over-the-counter (OTC) derivatives for purposes of calculating customer “net equity” and “allowed net equity” in the event of the bankruptcy of a futures commission merchant

Bankruptcy court rules that “flip clauses” violate Bankruptcy Code

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 5 2010

On January 25, Judge Peck of the U.S. Bankruptcy Court for the Southern District of New York entered a declaratory judgment in favor of Lehman Brothers Special Financing Inc. (LBSF) in a case examining a collateralized debt obligation (CDO) transaction and concerning the effect of event of default provisions on the payment priorities of LBSF as swap counterparty under certain swap agreements and the holders of certain credit-linked synthetic portfolio notes

CFTC proposes new rules regarding operation of commodity brokers in bankruptcy

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • December 18 2009

The Commodity Futures Trading Commission is proposing to amend its Bankruptcy Rules to permit the trustee for a bankrupt futures commission merchant to continue to operate the business of the commodity broker in the ordinary course for a limited period of time

CFTC proposes to amend bankruptcy rules to establish cleared OTC derivatives as a separate account class

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 14 2009

The Commodity Futures Trading Commission has proposed to amend its Bankruptcy Rules, 17 CFR Part 190, to establish cleared over-the-counter derivatives as a separate account class for the purpose of calculating "net equity" and "allowed net equity" for each customer in the event of the bankruptcy of a futures commission merchant

Lehman requests bar date for creditor claims

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • June 5 2009

On May 26, Lehman Brothers Holdings Inc. (LBHI) filed a motion requesting the U.S. Bankruptcy Court for the Southern District of New York to establish August 24 as the deadline for filing proofs of claim against LBHI and its affiliates, and to establish a procedure for such filing, including a required form to be completed online relating to derivatives claims, and a new proof of claim form specific to this case

CFTC issues statement regarding bankruptcy treatment of cleared-only contracts

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 3 2008

In an interpretive statement, the Commodity Futures Trading Commission has taken the position that “cleared-only contracts,” over-the-counter contracts submitted for clearing through a futures commission merchant to a derivatives clearing organization, should be included within the definition of “net equity” for purposes of U.S. Bankruptcy Code provisions applicable to commodity brokers