Sec cftc portfolio margining

Oct 22, 2020 · Portfolio margining is of central importance to market participants who are dually-registered with the SEC and the CFTC and have customers who hold positions in separate accounts without the ability to cross-margin the positions.

June 27, 2019. Washington, DC – Commodity Futures Trading Commission Chairman J. Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton issued the following joint statement today: Today’s recommended amendments would harmonize the required margin levels for unhedged securities futures whether they are held in a futures account, a securities portfolio margin account, or a securities account that is not approved for portfolio margining. This will result in a margin requirement of 15% for an unhedged security futures position. The Securities and Exchange Commission and the Commodity Futures Trading Commission approved a joint final rule today to harmonize their margin levels for security futures “whether they are held in a futures account, a securities portfolio margin account, or a securities account that is not approved for portfolio margining.” At Joint Open Meeting, SEC and CFTC Approve Final Rule on Security Futures Margin and Request for Comment on Portfolio Margining. FOR IMMEDIATE RELEASE. 2020-264.

17.03.2021 Sec cftc portfolio margining

Based on the TIMS margin methodology, CPM takes an OCC generated master file of profit and loss values and a user generated position file as input. Oct 28, 2020 · CFTC Chair Heath P. Tarbert stressed the "central importance" of portfolio margining to dually-registered market participants that have customers holding positions in separate accounts without the possibility of cross-margining such positions. See full list on federalregister.gov Portfolio margining allows market participants to save capital by clearing index and single name CDS in a single segregated CFTC customer account. Oct 22, 2020 · The final rule amends CFTC Rule 41.45 ("Required Margin") and SEC Rule 202.403 ("Required Margin") to lower the minimum margin requirement for security futures from 20 percent to 15 percent of the The expansion of portfolio margining was one of numerous key issues the SEC and CFTC said they wanted to work on in a report in October which outlined ways to harmonize securities and futures Nov 10, 2020 · An SEC and CFTC joint request for comments on possible methods for implementing the portfolio margining of SEC- and CFTC-regulated products (including swaps, security-based swaps, securities and futures) was published in the Federal Register (see prior coverage). The comment deadline is December 7, 2020. Oct 22, 2020 · Federal Register: 17 CFR Part 240 Portfolio Margining of Uncleared Swaps and Non-Cleared Security-Based Swaps (Unanimously Approved by the CFTC) Oct 22, 2020 · Portfolio margining is of central importance to market participants who are dually-registered with the SEC and the CFTC and have customers who hold positions in separate accounts without the ability to cross-margin the positions. Oct 22, 2020 · The US Commodity Futures Trading Commission and the US Securities and Exchange Commission held their first-ever joint public meeting on 22 October.

7 May 2019 Whatever the SEC does on its side to facilitate portfolio margining, the CFTC will have to mirror it, as was the case with the 2012 exemption.

Oct 22, 2020 · Portfolio margining allows a broker-dealer to combine certain of a customer’s securities and security futures positions held in a securities account for purposes of determining the margin requirements for those positions. Such portfolio margining began with a 2007 pilot program pursuant to the rules of CBOE Exchange.

However, until segregation issues between the SEC and the CFTC are resolved, the ability to combine securities and futures products into a single portfolio margin account will be unavailable. Is an OTC derivative that has a non-margin equity security as its underlier eligible for portfolio margin?

The interpretations use a numbering convention of /##. Security futures positions may be held in either a securities or futures account.

Jul 04, 2019 Overview of Portfolio Margining. Portfolio margining is a margin methodology that sets margin requirements for an account based on the greatest projected net loss of all positions in a class or product group as determined by an option pricing model at multiple underlying price points.A class group contains all products with the same deliverable and the deliverable itself. Sunshine Act Meetings: October 22, 2020 // PDF Version. Open Commission Meeting October 22, 2020; Matters to be Considered: The Commodity Futures Trading Commission (CFTC) will hold this meeting jointly with the Securities and Exchange Commission to consider the following matters: Joint Final Rule: Customer Margin Rules Relating to Security Futures--The Commissions will consider whether to Re: SEC/CFTC Harmonization Report. Dear Mr. Fisher: National Futures Association appreciates the opportunity to comment on the SEC/CFTC Harmonization Report. NFA is a registered futures association under the Commodity Exchange Act and a self-regulatory organization for the U.S. futures industry. Regulation and customer protection are all that Jun 27, 2019 · Joint Statement on CFTC-SEC Portfolio Margining Harmonization Efforts, by Commodity Futures Trading Commission Chairman J. Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton, June 27, 2019 Oct 22, 2020 · Portfolio margining, or the cross-margining of related positions, can reduce these costs in a manner consistent with prudent risk management by allowing the netting of offsetting exposures.

The CFTC and SEC have delegated Oct 16, 2020 · The SEC and the CFTC announced that they will host a virtual open meeting on Thursday, October 22, 2020, at 10:00 am EDT to discuss aspects of the portfolio margining of uncleared swaps, non-cleared security-based swaps, and related positions. The SEC and CFTC chairmen said they are collaborating on ways to chairman of the Commodity Futures Trading Commission. and to explore expanding portfolio margining to futures and cash CFTC Commissioner Scott O'Malia agreed that portfolio margining brings benefits to the market and its participants, but stated that the SEC has set a bad precedent by requiring final SEC approval of the margining methodology employed by a joint Broker Dealer (BD) / Futures Commission Merchant (FCM) offering Section 4d(f) portfolio margin accounts. (2) A registered clearing agency or derivatives clearing organization that, if it holds funds or securities deposited as margin for security futures products or futures in a portfolio margin account in a bank, as defined in section 3(a)(6) of the Act (15 U.S.C. 78c(a)(6)), obtains and preserves written notification from the bank at which it Dec 31, 2012 · More specifically, under section 15(c)(3)(C) of the Exchange Act, a BD/FCM may, pursuant to a portfolio margining program approved by the CFTC, hold customer cash and securities in a portfolio Dec 08, 2020 · On December 7, 2020, Better Markets was one of six commenters to file letters in response to a Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) request for comment on portfolio margining of uncleared swaps and security-based swaps. We commended the agencies for responsibly seeking public comment through a request-for-comment release and not issuing a Sep 02, 2019 · Portfolio margin refers to the modern composite-margin policy that must be maintained in a derivatives account containing swaps (including credit default swaps), options and futures contracts.

Jun 27, 2019 · In other words, while the statement is a good message to the markets that the CFTC and SEC would like to accomplish goals of permitting broad portfolio margining, it is not clear how the agencies intend to address issues under custody and insolvency rules applicable to CFTC- and SEC-regulated products and market intermediaries. See full list on sec.gov Oct 23, 2020 · CFTC Chair Heath P. Tarbert stressed the "central importance" of portfolio margining to dually-registered market participants that have customers holding positions in separate accounts without the Oct 22, 2020 · Washington, D.C. — The Commodity Futures Trading Commission and the Securities and Exchange Commission, at their first joint open meeting to vote on rulemaking initiatives, today approved: (1) a joint final rule to harmonize the minimum margin level for security futures held in a futures account with the minimum margin level for security futures held in a securities portfolio margin account Oct 23, 2020 · On October 22, the Commodity Futures Trading Commission and the Securities and Exchange Commission, at their first-ever joint open meeting, approved (1) a joint final rule to lower the margin requirement for an unhedged security futures position from 20 percent to 15 percent, which was approved over the dissents of Commissioners Lee and Crenshaw of the SEC; and (2) the issuance of a joint Oct 22, 2020 · Portfolio margining generally refers to the cross margining of related positions in a single account. Portfolio margining of uncleared swaps, non-cleared security-based swaps, and related positions can offer benefits to customers and the markets, including promoting greater efficiencies in margin calculations with respect to offsetting positions. Jul 11, 2019 · SEC Chair Jay Clayton and CFTC Chair J. Christopher Giancarlo stated their intention to explore whether portfolio margining would be an area where SEC-CFTC "harmonization" would be beneficial. However, until segregation issues between the SEC and the CFTC are resolved, the ability to combine securities and futures products into a single portfolio margin account will be unavailable.

Portfolio margining, which generally refers to the cross margining Portfolio margining of index CDS (subject to CFTC regulations)16 and single-name CDS (subject to SEC regulations) can offer many benefits to investors and the markets, including promoting greater efficiencies in clearing with respect to off-setting positions and thereby 22 Oct 2020 At Joint Open Meeting, SEC and CFTC Approve Final Rule on Security Futures Margin and Request for Comment on Portfolio Margining. 22 Oct 2020 At Joint Open Meeting, CFTC and SEC Approve Final Rule on Security Futures Margin and Request for Comment on Portfolio Margining. Joint Statement on CFTC-SEC Portfolio Margining Harmonization Efforts. June 27, 2019. Washington, DC – Commodity Futures Trading Commission Chairman 23 Oct 2020 In a joint request for comment, the SEC and CFTC solicited feedback on possible methods for implementing portfolio margining of SEC- and… The SEC stated that this difference from the CFTC's margin rule 3. Proposals a. Portfolio Margining at a Broker-Dealer that is also Registered as a Swap SEC/CFTC Security Futures Margin Rules (CFTC Rule 41.45).

See full list on sec.gov Oct 23, 2020 · CFTC Chair Heath P. Tarbert stressed the "central importance" of portfolio margining to dually-registered market participants that have customers holding positions in separate accounts without the Oct 22, 2020 · Washington, D.C. — The Commodity Futures Trading Commission and the Securities and Exchange Commission, at their first joint open meeting to vote on rulemaking initiatives, today approved: (1) a joint final rule to harmonize the minimum margin level for security futures held in a futures account with the minimum margin level for security futures held in a securities portfolio margin account Oct 23, 2020 · On October 22, the Commodity Futures Trading Commission and the Securities and Exchange Commission, at their first-ever joint open meeting, approved (1) a joint final rule to lower the margin requirement for an unhedged security futures position from 20 percent to 15 percent, which was approved over the dissents of Commissioners Lee and Crenshaw of the SEC; and (2) the issuance of a joint Oct 22, 2020 · Portfolio margining generally refers to the cross margining of related positions in a single account. Portfolio margining of uncleared swaps, non-cleared security-based swaps, and related positions can offer benefits to customers and the markets, including promoting greater efficiencies in margin calculations with respect to offsetting positions. Jul 11, 2019 · SEC Chair Jay Clayton and CFTC Chair J. Christopher Giancarlo stated their intention to explore whether portfolio margining would be an area where SEC-CFTC "harmonization" would be beneficial. However, until segregation issues between the SEC and the CFTC are resolved, the ability to combine securities and futures products into a single portfolio margin account will be unavailable. Is an OTC derivative that has a non-margin equity security as its underlier eligible for portfolio margin? [2] Margin Requirements for Non-Centrally Cleared Derivatives, Basel Committee on Banking Supervision and Board of the International Organization of Securities Commissions (Sept. 2013) .

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Oct 22, 2020 · Portfolio margining, or the cross-margining of related positions, can reduce these costs in a manner consistent with prudent risk management by allowing the netting of offsetting exposures.

Jun 27, 2019 Oct 22, 2020 Portfolio margining generally refers to the cross margining of related positions in a single account, allowing netting of appropriate offsetting exposures. Portfolio margining of uncleared swaps, non-cleared security-based swaps, and related positions can offer benefits to customers Oct 22, 2020 Oct 23, 2020 Oct 22, 2020 Oct 22, 2020 Oct 27, 2020 Jun 27, 2019 Oct 23, 2020 Jun 27, 2019 Oct 23, 2020 Oct 22, 2020 Oct 22, 2020 Oct 22, 2020 Oct 23, 2020 Jul 11, 2019 Oct 15, 2020 Feb 23, 2021 [2] Margin Requirements for Non-Centrally Cleared Derivatives, Basel Committee on Banking Supervision and Board of the International Organization of Securities Commissions (Sept. 2013) . See Joint Statement on CFTC-SEC Portfolio Margining Harmonization Efforts (June 27, 2019) .