WASHINGTON, March 16 (Reuters) – The U.S. Commodity Futures Trading Commission on Wednesday said it would give a pass to firms that cannot meet certain swap reporting requirements following the recent failures of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O).
The agency has been in contact with banking regulators about the Federal Deposit Insurance Corporation's transfer of qualified financial contracts from the failed banks to newly established bridge banks, it said in a notice published on its website.
The Commission will not launch enforcement actions against any counterparties that cannot meet agency reporting requirements for swaps contracts solely from the FDIC transfers, it said. Those may include business conduct, margin, clearing and trade execution requirements.
Firms should "should use best efforts to fulfill their reporting obligations with respect to such swaps," the CFTC said.
Our Standards: The Thomson Reuters Trust Principles.
Credit Suisse staff arriving to work in Asian financial centres on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved