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FIA asks SEC to amend proposed margin requirements for credit default swaps
On Nov. 19, FIA submitted a letter to the Securities and Exchange Commission in response to a re-opening of the comment period on proposed rules relating to single-name credit default swaps and other security-based swaps. The proposed rules, which include capital, margin and segregation requirements for security-based swap dealers, was first issued in November 2012 but never finalized. In October 2018, the SEC updated the proposal and re-opened the comment period to seek additional feedback from market participants. In its letter, FIA urged the SEC to reconsider a proposed requirement that clearing firms seek SEC approval for their margin methodologies and internal risk models. Instead the SEC should adopt a "harmonized approach" that defers to the standard margin methodologies used by clearinghouses such as ICE Clear Credit, FIA said. In addition, FIA urged the SEC to coordinate with the Commodity Futures Trading Commission regarding the proposed capital requirements and pointed in particular to three proposed amendments that could impair the ability of clearing firms to clear security-based swaps.
CONTINUE READINGWalt Lukken's opening remarks at Asia 2018
Welcome everyone to the 14th annual Asia Derivatives Conference.
CONTINUE READINGFIA working group presents audit trail recommendations to reduce redundancy
FIA’s Law & Compliance Audit Trail Working Group made a presentation to the U.S. Commodity Futures Trading Commission's Technology Advisory Committee (TAC) on Feb. 26. The presentation focused on the following primary audit trail recommendations, with a goal of eliminating redundancies:
CONTINUE READINGFIA urges CFTC to exclude proprietary positions from FCM risk margin calculations
On March 3, FIA filed a response to a CFTC request for additional comment on its proposed capital requirements for swap dealers and major swap participants. FIA focused its response on the potential impact on futures commission merchants, and in particular a provision in the proposal that would require FCMs to include proprietary positions in swaps and security-based swaps in their calculations of the eight-percent risk-margin capital requirement. Current rules already have a provision that requires these firms to take a capital charge for these positions under a different calculation, FIA said, making it unnecessary to require them to take an additional charge based on eight percent of risk margin. In addition, this provision would place an "unacceptable financial burden on FCMs" and could make it more difficult and more expensive for smaller commercial end-users to hedge their risks, FIA said.
CONTINUE READINGFIA receives ASAE 2017 Power of A Honors for Innovators Pavilion
FIA has earned a 2017 ASAE Power of A Silver Award for its Innovators Pavilion, a program that showcases fintech startups providing disruptive and innovative new services to the cleared derivatives industry.
CONTINUE READINGEqual and Instant Access to Government Released Data
FIA PTG Blog: FIA PTG advocates for accurate and simultaneous release of all government released data.
CONTINUE READINGFIA PTG supports SEC stay of CHX LEAD approval
FIA PTG submitted a letter to the SEC today in support of the Commission's decision to stay a staff approval of the CHX Liquidity Enhancing Access Delay (LEAD). The proposal was approved by the Division of Trading and Markets using its delegated authority. The Commissioners decided to review the delegated action and stay the approval.
CONTINUE READINGFIA PTG raises concerns about Nasdaq PHILX Intellicator
FIA PTG sent comments to the SEC today raising concerns with a proposal from NASDAQ PHLX LLC to introduce the Intellicator Analytical Tool.
CONTINUE READINGFIA Webinar: The FIA-ISDA Cleared Derivatives Execution Agreement
This webinar will discuss the recently released FIA-ISDA Cleared Derivatives Execution Agreement--a template that can be used by participants in the cleared swaps markets in negotiating execution-related agreements with counterparties to over-the-counter derivatives that are intended to be cleared. This webinar will give an overview of the document and its intended use, take a closer look at specific provisions and explain the optional annexes.
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