David Gilberg, Ken Raisler, John Miller, Ryne Miller and Dan Wolf Co-author Futures and Derivatives Law Report Article

October 24, 2016

Messrs. Gilberg, Raisler, Miller, Miller and Wolf co-authored an article titled “CFTC Finalizes Rule Regarding the Cross-Border Application of Its Margin Requirements for Uncleared Swaps” in the July/August 2016 issue of Futures and Derivatives Law Report, a Thomson Reuters publication. The article explains a final rule, which the Commodities Futures Trading Commission (CFTC) voted to adopt in May 2016, that establishes a framework for determining the cross-border application of margin requirements for uncleared swaps. These margin requirements arise from another final rule that the CFTC adopted in December 2015. “The Final Rule determines the applicability of the CFTC Margin Rules depending upon the location of the counterparties to an uncleared swap and the nexus of the counterparties to the United States, including, in the case of counterparties that are not U.S. persons, whether the obligations of the counterparties are consolidated for financial accounting purposes by a U.S. parent entity,” the authors wrote. The article goes on to analyze in which ways the margin requirements apply to various entities under the May 2016 final rule.