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ISDA Promotes Kennedy to Global Policy Head

By Alice Atwood
January 16, 2015, FOW

Body makes organisation changes to support cross-border interaction.

The International Swaps and Derivatives Association (ISDA) has made a number of organisational changes in its regulatory and legal teams, including the appointment of Steven Kennedy as global head of policy. 

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Comment: SEFs 2015 outlook: Industry Sees More Flexible Execution Rules; Harmonization

By Henry Engler
January 13, 2015, Reuters

Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.

Indeed, harmonization and cross-border issues appear to be at the top of the agenda for the International Swaps and Derivatives Association (ISDA). In several speeches since becoming head of the industry group last year, Scott O’Malia, a former commissioner at the Commodity Futures Trading Commission (CFTC), has made it clear that for him regulators need to ensure that cross-border oversight is based on risk and not geographic location.

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Non-Cleared Derivatives Margin Rules Worry Market

January 6, 2015, The Trade

Banks and broker-dealers are uncertain whether they will be able to meet new collateral requirements for non-cleared derivatives, according to a survey from the International Swaps and Derivatives Association (ISDA).

International regulators are set to finalise the rules this year, and according to ISDA’s results, around two-thirds of respondents said they were concerned, or somewhat concerned, about their ability to meet the requirements. 

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Q&A: Scott O’Malia, CEO, ISDA

By Beth Shah
January 5, 2015, GlobalCapital

Harmonisation and crossborder issues are key concerns for the International Swaps and Derivatives Association as markets enter 2015. As Scott O’Malia, CEO of ISDA and former commissioner at the Commodity Futures Trading Commission, tells Beth Shah, regulators need to ensure that crossborder oversight is based on risk and not location.

GlobalCapital: What are the stumbling blocks for crossborder reconciliation of derivatives regulation, and what role will ISDA play in regulatory harmonisation?

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Senior Adviser Departs Swaps Group

By Katy Burne
January 5, 2015, The Wall Street Journal

Athanassios Diplas, a senior adviser to the board of the International Swaps and Derivatives Association, said he has stepped down after two years at the trade group to pursue other opportunities.

Mr. Diplas, whose last day was Dec. 31, will continue to consult on the swaps market, among other advisory projects at his firm, Diplas Advisors LLC.

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ISDA Takes Caesars Default Query to Expert Panel

By Katy Burne
January 5, 2015, The Wall Street Journal

For the first time since the financial crisis, a Wall Street trade group has asked a panel of outside experts to decide whether holders of credit-default swaps will collect on what some creditors contend was a default at Caesars Entertainment Operating Co.

At stake: as much as $1.7 billion in payouts on credit-default swaps outstanding on Caesars, according to the latest figures from the Depository Trust & Clearing Corp.

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U.S. Bank Watchdogs Implement ISDA Stay Provision for Swaps

By Douwe Miedema
December 16, 2014, Reuters

U.S. bank regulators on Tuesday issued a rule to allow a stay in terminating derivative contracts if a bank lands in trouble, a provision needed to help them wind down failed banks without causing market mayhem.

The rule by the Federal Reserve and the Office of the Comptroller of the Currency reflected changes to the standard contract made by the International Swaps and Derivatives Association (ISDA) and 18 major banks.

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CDS Notional Continues Upward Trend

By Gabriel Surprise 
December 15, 2014, GlobalCapital

Overall credit default swap notion that was reported to swap data repositories last week increased by 33% from the previous week, according to data from the International Swaps and Derivatives Association.

However, overall interest rate derivatives trading that was reported declined by 20% from the previous week, following a week of moderate increases in trading for both CDS and rates.

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CCP Stress Tests on Tap

December 10, 2014, Markets Media

When Lehman Brothers collapsed in late 2008, LCH SwapClear, which was already clearing inter-dealer trades in significant volume, took on the role of clearing every position at every CCP that Lehman was a member of. The nightmare scenario of one or more clearing members cascading through the financial system is still a real threat, so much so that the InternationalSwaps and Derivatives Association has called for CCPs to undergo mandatory stress testing and make public the results.

“It’s not the same as activities in the normal bilateral market, where counterparties, once they get the idea that a particular counterparty risk management is not effective, can decide not to trade with them,” John Williams, a derivatives lawyer at Milbank Tweed, told Markets Media. “It doesn’t work that way with CCPs.”

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ISDA’s O’Malia: CFTC Rules Need Reassessing

By Zoe Thomas
December 10, 2014, International Financial Law Review

Six months after becoming chief of the global OTC trade body, Scott O'Malia discusses his plans for the cross-border derivatives market. 

It's been a year of change for Scott O'Malia. In July he resigned as commissioner of the Commodity Futures Trading Commission (CFTC). A month later, he became CEO of the International Swaps and Derivatives Association (ISDA).

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