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  • ISDA-FIA Response To Proposed SEC Rules On Clearing Agency Intraday Margin And Recovery/Wind-Down Plans

    Date 18/07/2023

    On Monday, July 17, ISDA and the Futures Industry Association (FIA) submitted comments on the Security Exchange Commission’s (SEC) proposed rulemaking regarding Clearing Agency Resilience and Recovery and Wind-Down Plans. The associations generally support the proposed changes aimed at enhancing the regulatory framework for recovery and wind-down plans and intraday margin processes of clearing agencies. They suggest that more prescriptive guidance is necessary for intraday margin and recovery and wind-down plans to provide clear expectations for clearing members and their clients. They emphasize the importance of predictability of margin calls and advocate for increased transparency of Initial Margin models. Additionally, they stress the need for credible recovery plans to ensure financial stability, and they call for clear rules on non-default losses and compensation for clearing participants. The response also addresses the need for a second tranche of Clearing Agency own-funds capital and emphasizes the importance of including procedures for participants to move positions during orderly wind-down in the proposed rules.

  • Opening Statement Of CFTC Commissioner Christy Goldsmith Romero At The Technology Advisory Committee On Responsible AI In Financial Services, DAOs And Other DeFi & Cyber Resilience

    Date 18/07/2023

    I welcome you to the CFTC.  With artificial intelligence (AI) at the forefront of public discussion, significant movements in digital asset markets to decentralized finance (DeFi) after the collapse of unregistered centralized exchanges and several enforcement actions, as well as escalated and persistent cyber threats, I look forward to presentations and discussion from recognized technology experts who serve on the TAC.  I want to thank TAC Chair Carole House and Vice Chair Ari Redbord for their leadership of TAC, including putting together today’s agenda.  I also want to thank CFTC staff Tony Biagioli who is the designated federal officer (DFO) of TAC, our two new assistant DFOs Drew Rodgers and Lauren Bennett, and Scott Lee in my office, and others in the CFTC who keep TAC running and helped organized today’s event.

  • ISDA derivatiViews: Surveying Local Derivatives Markets

    Date 18/07/2023

    By enabling firms to manage their risks and create greater certainty and stability in their business, derivatives can boost economic growth and contribute to capital markets liquidity in emerging market and developing economies (EMDEs). However, a range of legal, regulatory and risk management issues must be addressed to promote the development of safe and efficient local derivatives markets. To better understand those issues, ISDA undertook a survey of EMDE jurisdictions that provides valuable information to support the development of derivatives markets in those countries.

  • Opening Statement Of CFTC Commissioner Caroline D. Pham Before The Technology Advisory Committee

    Date 18/07/2023

    I thank Commissioner Christy Goldsmith Romero and am pleased to support her sponsorship of the CFTC’s Technology Advisory Committee (TAC).  I would like to also thank the TAC’s Designated Federal Officer (DFO), Anthony Biagioli, and Alternate Designated Federal Officer (ADFO), Lauren Bennett, and other CFTC staff for their work preparing today’s meeting.  I welcome each of the TAC members as you explore timely issues regarding responsible artificial intelligence (AI), decentralized finance (DeFi), and cyber resilience.  Thank you, Commissioner Goldsmith Romero, for your leadership.

  • The EBA Is Collecting Institution’s Data On Environmental, Social And Governance Risks To Set Up A Monitoring System

    Date 18/07/2023

    • The EBA will collect on an ad-hoc basis ESG data from large, listed institutions based on their pillar 3 quantitative disclosures on ESG risks.
    • This collection will provide competent authorities with data to monitor ESG risks and support the EBA in fulfilling its ESG mandates, including to set up a risk monitoring framework and to contribute to the European Commission’s Strategy for financing the transition to a sustainable economy.  
    • The collection is temporary and will be discontinued once a supervisory reporting framework on ESG risks will be in place.

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