SFIG Meets with CFTC on Margin Rule

Over the past week, SFIG staff and members have continued discussions with senior staff at the Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer & Intermediary Oversight regarding SFIG members' requests for relief under the swaps margin rule.

SFIG has been engaged with the CFTC and the U.S. prudential regulators on this issue since 2014, and the dialogue has progressed significantly over the past few months, leading up to and since the March 1st implementation date which required variation margin to be posted under the rule. The CFTC issued a time-limited no-action letter on February 13th, and the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC) issued guidance explaining how supervisors should examine compliance with minimum variation margin requirements for non-cleared swaps and non-cleared security based swaps on February 23rd. In other CFTC related news, President Trump announced on Tuesday that acting chairman J. Christopher Giancarlo is his selection to head the Commission. For more detail on the announcement, see our industry news story below

If you would like to join SFIG's Derivatives in Securitization Task Force, please contact Alyssa.Acevedo@sfindustry.org.

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