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ILLUSTRATION: SOPHY HOLLINGTON FOR BLOOMBERG BUSINESSWEEK By Liam Vaughan, Kit Chellel, and Benjamin BainDecember 10, 2020, 12:01 AM EST SHARE THIS ARTICLE Among the many previously unthinkable moments of 2020, one of the strangest occurred on April 20, when the price of crude oil fell below zero. West Texas Intermediate futures, the most popular instrument used to trade the commodity, had started the day at $18 a barrel. That was already low, but prices kept tumbling until, at 2:08 p.m. New York time, they went negative. Amazingly, that meant anyone selling oil had to pay someone else to ...

To print this article, all you need is to be registered or login on Mondaq.com. The CFTC unanimously approved amendments intended to "comprehensively update" its bankruptcy regulations (Part 190 of the CFTC regulations) to "reflect current market practices and lessons learned from past commodity broker bankruptcies." The final rules follow a proposal initially issued in April and a supplemental proposal from September. The CFTC indicated that commenters on the original proposal largely supported the revisions to the bankruptcy rules, with several suggestions regarding ...

To print this article, all you need is to be registered or login on Mondaq.com. At an Open Commission Meeting, the CFTC approved a final rule updating the swap execution facility ("SEF") regulatory regime, approved new exemptions from the trade execution requirement, and withdrew an unadopted proposal due to marketplace concern over anticipated operational challenges and high compliance costs. The adopting releases stem from a 2018 proposal. (A Cadwalader Memorandum relating to that proposal is available here.) In the third action, the CFTC withdrew the portions of the...

Senate Ag Committee Democrat commissioners Berkovitz and Behnam both in line to be acting chairman as new Biden administration comes in. The head of the Commodity Futures Trading Commission, Chairman Heath Tarbert, plans to step down in anticipation of the incoming new administration and did not confirm his future plans. As chairman of the regulating body over futures contracts for agricultural commodities, Commissioner Tarbert advanced a final rule for position limits and took an active role in overseeing agricultural markets specifically. Tarbert started his five-...

To print this article, all you need is to be registered or login on Mondaq.com. The CFTC unanimously adopted final rules amending uncleared margin requirements to, among other things: (i) amend the period for the calculation of the "average aggregate notional amount" for purposes of scoping firms subject to initial margin requirements, and (ii) modify the application of minimum transfer amounts ("MTAs") with respect to separately managed accounts. Each rule will go into effect 30 days after its publication in the Federal Register. Amendments to the AANA Calculation As ...