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Milbank LLP | USA | 25 Sep 2018

Part 2 Blockchain and the Volcker Rule: Are Cryptocurrency Companies Covered Funds?

We last wrote about how the Volcker Rule's1 ban on Proprietary Trading impacts the ability of banking entities to buy and sell certain


Milbank LLP | USA | 4 May 2016

“Are You My Mother?” : Which Agency Governs What Swap Entity Under the Margin Rules for Non-Cleared Swaps?

On October 22, 2015, the federal prudential regulatory agencies issued a final margin and capital rule for covered swaps entities (the “Prudential


Milbank LLP | USA | 4 Nov 2015

Spoofing in the derivatives and securities markets

“Spoofing” is generally understood as a pattern in which a trader places and quickly cancels an order that was never intended to be executed. Such an


Milbank LLP | USA | 3 Dec 2012

CFTC no-action letter may have implications for the treatment of swap obligations in secured bank financings

Introduction Lenders in secured bank financings frequently require or allow borrowers and their subsidiaries to hedge against interest rate, commodity andor currency fluctuations by entering into swap agreements or other derivative products (“swaps”) with financial institution counterparties.

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