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BOX Exchange: SOLA® Protocol Version Decommissioning

Date 14/04/2020

Please be advised that certain protocol versions associated with SOLA® Trading Services will be decommissioned in Q3 2020.
US Federal Banking Agencies To Defer Appraisals And Evaluations For Real Estate Transactions Affected By COVID-19

Date 14/04/2020

The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies' interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to creditworthy households and businesses quickly in the wake of the national emergency declared in connection with COVID-19.
Intergovernmental Group Of Twenty-Four On International Monetary Affairs And Development, Chaired By Kenneth Ofori-Atta, Minister Of Finance Of Ghana

Date 14/04/2020

1. We mourn together with you and regret the extensive human loss caused by the COVID-19 outbreak. We heartily express our sympathy to all families and communities that have been affected.
CFTC Unanimously Approves 3 Proposed Rules, 2 Final Rules At April 14 Open Meeting

Date 14/04/2020

The Commodity Futures Trading Commission at its open meeting today unanimously approved three proposed rules and two final rules. This open meeting marks the ninth since Chairman Heath P. Tarbert took office.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Protecting Customer Records And Information

Date 14/04/2020

I support the final rule amending regulation 160.30, which requires firms registered with the CFTC to protect their customers’ records and information. By requiring the firms we regulate to adopt policies and procedures relating to administrative, technical, and physical safeguards for customer data, the final rule targets security hazards to customer data and specifies required protections against unauthorized access. As I mentioned when this rule was proposed, giving customers in our markets comfort that efforts are being taken to protect their sensitive information is key to ensuring that our derivatives markets promote the interests of all Americans.

Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Amendments To Swap Clearing Requirement Exemptions

Date 14/04/2020

I support issuing the notice of proposed rulemaking (“Proposal”) to codify certain exemptions from the swap clearing requirement that currently exist through Commission guidance or staff no action relief. Each of the proposed exemptions is consistent with longstanding Commission policy and the Commission’s experience in implementing the swap clearing requirement over the past eight years. Codifying these exemptions will provide certainty and transparency for market participants.
Statement Of CFTC Commissioner Dan M. Berkovitz On Final Rule Excluding The European Stability Mechanism From The Definition Of Financial End User

Date 14/04/2020

I support today’s final rule that excludes the European Stability Mechanism (“ESM”) from the definition of financial end user in the Commission’s margin rules. The final rule codifies no-action relief that has been in effect since 2017 that exempts the ESM from initial and variation margin requirements for uncleared swaps with swap dealer or major swap participant counterparties. The final rule recognizes the ESM’s status as an intergovernmental institution that assists Euro-area members in financial distress and its similarity to multilateral development banks that are excluded from the definition of financial end user. The ESM does not engage in speculative swaps trading and its swaps activities are in furtherance of its financial assistance programs. The final rule provides certainty to both the ESM and its swap dealer counterparties in uncleared swaps, facilitates the ESM’s work in mitigating systemic risk, and poses minimal risk to the U.S. financial system.
Statement Of Support By CFTC Commissioner Brian Quintenz Regarding Amendments To The Clearing Exemption For Swaps; The Final Rule Excluding The European Stability Mechanism From CFTC Margin Requirements; And Related No-Action Relief

Date 14/04/2020

In March 2018, I articulated my approach to our current regulatory relationship with our European counterparts in light of their refusal to stand by or re-affirm their 2016 commitments in the CFTC’s and European Commission’s common approach to the regulation of cross-border central counterparties (CCPs) (CFTC-EC CCP Agreement). Specifically, I believe that the absence of the agreement’s re-affirmation in the European Market Infrastructure Regulation 2.2 (EMIR 2.2) directly implied the agreement’s abrogation. I therefore vowed that I would either object to or vote against any relief provided to, or requested by, European Union authorities until the agreement’s clarity was restored. Since that time, I have consistently voted against, or objected to, any regulation or relief that provides special accommodations to European entities, including the proposed exemption from margin requirements for the European Stability Mechanism (ESM) that the Commission seeks to finalize today.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Margin Relief For The European Stability Mechanism

Date 14/04/2020

I am pleased to support today’s final rule codifying relief from the Margin Rule for the European Stability Mechanism (“ESM”). The Margin Rule requires the posting of initial and variation margin for uncleared swaps entered into by certain swap dealers, major swap participants, and “financial end user[s].” Today’s final rule will amend the definition of “financial end user” in Regulation 23.151 to exclude the ESM from the requirements of the Margin Rule.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Proposed Amendments To The Part 50 Clearing Requirement

Date 14/04/2020

I am pleased to support today’s proposal to amend the CFTC’s Part 50 rules, which implement the swap clearing requirement of section 2(h)(1) of the Commodity Exchange Act (the “Clearing Requirement”). The proposed Part 50 amendments would create new regulations 50.75 and 50.76, which would codify existing exemptions from the Clearing Requirement for swaps entered into with certain central banks, sovereign entities, and international financial institutions.