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Results: 1-10 of 30

Financial Crisis Inquiry Commission holds first day of hearings on role of derivatives in financial crisis
  • Alston & Bird LLP
  • USA
  • June 30 2010

Today, the Financial Crisis Inquiry Commission (FCIC) held the first of two days of hearings related to the role of derivatives in the financial crisis, and specifically through the prism of two companies, American International Group (AIG) and Goldman Sachs


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 Agriculture Committee votes to approve derivatives bill
  • Alston & Bird LLP
  • USA
  • April 22 2010

Yesterday, after holding a markup this week, the Senate Committee on Agriculture, Nutrition and Forestry approved, by a 13-8 vote (with all Democrats and Republican Senator Chuck Grassley voting in favor), the Committee's draft over-the-counter (OTC) derivatives legislation that was unveiled late last week


Depository Trust & Clearing Corporation issues policy for releasing CDS data to global regulators
  • Alston & Bird LLP
  • USA
  • March 25 2010

On Tuesday, the Depository Trust & Clearing Corporation (DTCC) issued a policy statement regarding the release of data contained in the DTCC Trade Information Warehouse (the “Warehouse”) on virtually all of the outstanding credit default swaps (CDS) traded globally, which includes approximately “2.3 million contracts from trading counterparties located in 52 countries” and “covering credit obligations of entities located in more than 90 countries around the world.”


Senator Lincoln proposes alternate bank spinoff provision
  • Alston & Bird LLP
  • USA
  • June 15 2010

Senator Blanche Lincoln (D-NE), Chairwoman of the Senate Agriculture Committee, who advocated for a provision in the financial regulatory reform bill that would effectively force banks to spin off their derivatives trading businesses, has released a minimal term sheet modifying this provision


Market participants make further commitments on over-the-counter derivatives
  • Alston & Bird LLP
  • USA
  • March 2 2010

Yesterday, the International Swaps and Derivatives Association (ISDA) and industry market participants, including dealers and buy-side institutions, submitted a letter to the Federal Reserve Bank of New York (FRBNY) outlining new commitments to bring further transparency and standardization to the over-the-counter (OTC) derivates market, apply collateral management best practices and further utilize central clearing in the credit and interest rate derivatives markets


CFTC Chairman Gensler testifies on OTC derivatives markets
  • Alston & Bird LLP
  • USA
  • March 10 2010

Yesterday, Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler appeared before the Senate Committee on Energy and Natural Resources at a hearing regarding the regulation of over-the-counter derivatives, particularly with respect to the energy markets


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."