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Derivatives, Legislative and Regulatory Weekly Update (May 3, 2024)

Derivatives, Legislative and Regulatory Weekly Update (May 3, 2024)
Gibson Dunn's lawyers bring you the latest in U.S. derivatives news from the past week.

Table of Contents

The Commodity Futures Trading Commission (CFTC) has approved several new rules and designations this week. Notably, Dr. Ted Kaouk has been designated as the CFTC’s first Chief Artificial Intelligence Officer. The CFTC also approved final rules amending the capital and financial reporting requirements of Swap Dealers and Major Swap Participants, as well as large trading reporting regulations for futures and options. Additionally, the CFTC extended the public comment period for proposed rule changes for Swap Execution Facilities and Designated Contract Markets. Outside the U.S., the European Supervisory Authorities (ESAs) have issued their Spring 2024 Joint Committee update on risks and vulnerabilities in the EU financial system. The International Swaps and Derivatives Association (ISDA) has also been active, launching an outreach initiative on a proposed Notices Hub, publishing a T+1 settlement cycle booklet, and extending its Digital Regulatory Reporting initiative to new jurisdictions. ISDA also published a margin survey, established suggested operational practices for EMIR Refit, and published a research paper on interest rate derivatives and benchmark rates in emerging markets. Additionally, ISDA announced that four directors have joined its board, and the ISDA Future Leaders in Derivatives published a whitepaper on generative artificial intelligence. For more information, visit the Gibson, Dunn & Crutcher LLP website.