It has been an extraordinary few weeks as businesses face challenges presented by the COVID-19 outbreak. Companies are grappling with a multitude of issues — from the health and safety of employees to increased cyber security risks to financial and operational stability. Understandably, assessments of significant contractual and market exposures have been prioritized. Potential exposures … Continue Reading
On March 29, the UK House of Commons rejected, for the third time in three months, a draft withdrawal agreement for a negotiated exit of the UK from the European Union. The UK now has until April 12 to present the EU with a new exit proposal. The lack of a negotiated transition for the … Continue Reading
Recently, the U.S. Commodity Futures Trading Commission (“CFTC”), the U.S. Prudential Regulators[1] and the European Supervisory Authorities (“ESAs”)[2] have offered limited relief from or guidance for relaxed enforcement of variation margin requirements for non-cleared swaps that take effect March 1, 2017. This news follows reports that, despite all efforts, market participants are facing continued legal … Continue Reading
On April 14, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) announced the 2016 ISDA Credit Support Annex for Variation Margin for use with New York law transactions (the 2016 CSA). ISDA is in the process of updating certain of its documents to account for recent regulatory reforms. The 2016 CSA introduces updates to … Continue Reading
