ISDA Files Amicus Brief in Support of TCIF

On June 3, ISDA filed, jointly with the Securities Industry and Financial Markets Association (SIFMA), an amicus brief supporting The Children’s Investment Fund (TCIF) in the case of CSX Corporation v. TCI. One of the legal questions presented during the case was the standard for determining when a person is a “beneficial owner” of a security within the meaning of Section 13 of the Securities Exchange Act of 1934.

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CFTC’s Reauthorization Act Passes

The derivatives industry scored a substantial victory with passage of the ‘Commodity and Futures Trading Commission Reauthorization (CFTC) Act of 2008.’ This legislation, which culminates four years of effort to reauthorize the Commodity Exchange Act, was adopted without any of the burdensome proposals of some US Senators to substantially regulate the OTC energy markets.

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ISDA Update on CDS Settlements

ISDA participated in the June 9 meeting with regulators and industry on the ongoing progress in enhancing operational efficiency in the derivatives industry. At the meeting ISDA CEO Robert Pickel gave an update on the progress of hardwiring the ISDA CDS settlement mechanism into the standard ISDA credit derivatives documentation, ie: including cash settlement at the auction-generated final price in the standard single-name CDS contract terms.

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