Kahle v. Cargill Amicus Letter

ISDA, the Futures Industry Association (FIA), the Securities Industry and Financial Markets Association (SIFMA), and the Managed Funds Association (MFA) submitted an amicus letter in the U.S. District Court in the Southern District of New York. ISDA and FIA previously submitted an amicus brief in Kahle v. Cargill, Inc., urging the court to grant defendants’ motion to dismiss the complaint, arguing that the swap agreement safe harbor at issue (11 U.S.C. § 546(g)) preempts state-law fraudulent-conveyance claims brought by plaintiff, an assignee in state insolvency proceedings. The court denied the motion to dismiss, holding that the swap agreement safe harbor applies only to trustees in federal bankruptcies, and not assignees in state insolvency proceedings. The amicus letter urges the court to grant defendant’s petition for interlocutory review to the Second Circuit Court of Appeals.

Joint Paper on UK EMIR Reform

On July 1, ISDA and UK Finance published a paper, which recommended a set of reforms for the UK European Market Infrastructure Regulation (UK EMIR), carefully considering each EU EMIR 3.0 reform and asking whether we would wish to adopt...

Response to FCA on UK EMIR Reporting

On June 30, ISDA submitted a response to chapter 5 of the UK Financial Conduct Authority’s (FCA) quarterly consultation CP25/16 on trade repository reporting requirements under the UK European Market Infrastructure Regulation (UK EMIR). Chapter 5 proposes ‘Amendments to the...

CDS Trading Activity in EU, UK and US Markets

This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...