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Results: 1-10 of 30

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


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


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


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


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.”


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


House Financial Services Committee holds hearing on OTC derivatives market
  • Alston & Bird LLP
  • USA
  • October 8 2009

Yesterday, the House Financial Services Committee held a hearing entitled "Reform of the Over-the-Counter Derivative Market: Limiting Risk and Ensuring Fairness," to consider the effective regulation of the over-the-counter (OTC) derivatives market and reaction to the discussion draft of proposed legislation released late last week by Committee Chairman Barney Frank (D-MA


Senate Agriculture Committee holds hearing on OTC Derivatives Reform Addressing Systemic Risk
  • Alston & Bird LLP
  • USA
  • December 2 2009

Today, the Senate Agriculture Committee held a hearing entitled "OTC Derivatives Reform Addressing Systemic Risk," to discuss the Obama administration’s proposal and the various Congressional proposals for reform of the over-the-counter (OTC) derivatives market