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FCMs, CCPs discuss operations lessons learned from the crisis
By any measure, 2020 created unprecedented challenges for the cleared derivatives market across many elements of the trading cycle. However, an IDX-V panel of experts in operations, market structure and clearing expressed a shared view that the global derivatives industry performed remarkably well despite the extraordinary pressures it faced over the last several months.
CONTINUE READINGEconomist says worst of pandemic is over, but full recovery is far off
In a keynote address at IDX-V on the impact of COVID-19, CME's chief economist used recent data to paint a picture of how much uncertainty was created by the pandemic and just what it will take to achieve a full economic recovery.
CONTINUE READINGCommodity market participants point to sustainability and physical delivery as top issues
Commodities market participants discussed the resiliency of the derivatives industry during the COVID-19 pandemic, as well as lessons learned that will shape the future of commodity markets, during a wide-ranging discussion that took place as part of IDX-V on June 25.
CONTINUE READINGPeople News - June/July 2020
Appointments, promotions and other people news in the derivatives industry
CONTINUE READINGCCP equivalence clarity needed by September to avoid cliff edge, say panellists
European Commission official says Brussels will not wait until last minute to make its intentions known, but markets should prepare for all possible outcomes
CONTINUE READINGInsights into penalty guidance - Q&A with CFTC enforcement director James McDonald
In May 2020, the Commodity Futures Trading Commission's Division of Enforcement issued updated guidance—the first since 1994—outlining factors it will consider in recommending civil monetary penalties in enforcement actions. To help FIA members understand the significance of this guidance, Allison Lurton, FIA's general counsel, conducted a live interview with James McDonald, the CFTC's head of enforcement.
CONTINUE READINGFor some equity index futures, initial margin requirements have doubled in 2020
It is not unusual for clearinghouses to increase initial margin requirements during periods of market stress. But the turmoil that took place in March, when equity markets crashed and then rebounded in an exceptionally short period of time, prompted a rapid increase in the amount of initial margin for certain equity index futures over just a few trading days.
CONTINUE READINGCFTC’s Technology Advisory Committee applauds flexibility in electronic trading proposal
The U.S. Commodity Futures Trading Commission’s Technology Advisory Committee held a wide-ranging public meeting via teleconference on July 16. TAC subcommittees offered several short presentations on topics including the recently proposed electronic trading risk principles, cybersecurity, data security, virtual currencies and distributed ledger technology.
CONTINUE READINGCFTC’s Market Risk Advisory Committee discusses margin volatility and LIBOR transition challenges
The US Commodity Futures Trading Commission held a meeting of its Market Risk Advisory Committee (MRAC) on July 21 via teleconference, covering a wide range of topics including the impact of the pandemic on derivatives markets, the current status of the transition away from the Libor benchmark, and an upcoming report on climate-related financial risks.
CONTINUE READINGCFTC finalizes capital requirements for swap participants
The US Commodity Futures Trading Commission finalized a new rule on capital requirements for swaps market participants and advanced a proposed rulemaking on swaps margin in a public meeting held via teleconference on July 22. The final capital requirements for swap participants will be flexible, offering three potential methodologies for market participants to follow, and is the first such measure at the agency since it was mandated by Congress under Dodd-Frank.
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